Petrobras (NYSE: PBR) commits over R$60B to Sergipe deepwater fields

Rhea-AI Filing Summary

Petróleo Brasileiro S.A. – Petrobras reports that its Board has approved the final investment decision for the SEAP I project in the Sergipe-Alagoas Basin, completing the investment decision process for the Sergipe Deepwater (SEAP) development alongside SEAP II, approved in December 2025. Together, SEAP I and II involve total investments exceeding R$ 60 billion and are expected to produce more than 1 billion barrels of oil equivalent over their lifetimes.

Two FPSO platforms, P-81 for SEAP I and P-87 for SEAP II, will be built and operated by SBM Offshore under a Build, Operate and Transfer model, with combined capacity of up to 240,000 barrels of oil per day and 22 million cubic meters of natural gas per day. SEAP II oil production is scheduled to start in 2030, with gas exports in 2031, while SEAP I production is planned after the 2026–2030 Business Plan horizon. The projects also include 32 wells and a 134 km export gas pipeline and are described as strategic for expanding Brazil’s natural gas availability and opening a new production frontier in the Northeast.

Insights

Energy project finance analyst

Petrobras commits over R$ 60B to a long-dated deepwater oil and gas hub.

The SEAP I and II developments represent a large, multi-year capital commitment, with investments exceeding R$ 60 billion and expected recovery of more than 1 billion barrels of oil equivalent. Both modules reportedly have positive net present value across Petrobras’ three corporate scenarios.

Execution relies on FPSOs P-81 and P-87 provided by SBM Offshore under a Build, Operate and Transfer structure, plus 32 wells and a 134 km gas pipeline. First oil from SEAP II is targeted for 2030 and gas exports for 2031, with SEAP I later, so cash flows are long term and exposed to future oil and gas price conditions.

The company highlights project optimizations, revised contract terms and joint FPSO negotiations as drivers of improved economics and synergies. As a strategic natural gas and oil frontier in Brazil’s Northeast, these assets could support national production and gas availability, while requiring strong cost control and schedule discipline through and beyond the 2026–2030 business plan period.

Key Figures

Total SEAP investment: R$ 60 billion+ Combined oil capacity: 240,000 barrels/day Combined gas capacity: 22 million m³/day +5 more

8 metrics

Total SEAP investment R$ 60 billion+ Combined SEAP I and SEAP II projects

Combined oil capacity 240,000 barrels/day P-81 and P-87 FPSOs for SEAP I and II

Combined gas capacity 22 million m³/day Processing capacity of both SEAP FPSOs

SEAP I capacity 120,000 barrels oil/day; 10 million m³ gas/day SEAP I FPSO unit

SEAP II capacity 120,000 barrels oil/day; 12 million m³ gas/day SEAP II FPSO unit

Expected resources 1 billion+ boe Combined SEAP I and II production over project life

Export gas pipeline length 134 km 111 km offshore, 23 km onshore for SEAP projects

Number of wells 32 wells Construction and interconnection for SEAP developments

Key Terms

final investment decision (FID), FPSO-type oil production units, Build, Operate and Transfer (BOT), barrels of oil equivalent (boe), +2 more

6 terms

final investment decision (FID) financial

"has today approved the final investment decision (FID) for the SEAP I project"

A final investment decision (FID) is the point when a company or investor commits to proceeding with a project or purchase after reviewing all relevant information and options. It is like deciding to buy a house after careful consideration, signaling that plans are now set in motion. This decision is important because it marks the official start of spending significant money and resources on the project.

FPSO-type oil production units technical

"two FPSO-type oil production units for the SEAP project"

Build, Operate and Transfer (BOT) financial

"under the Build, Operate and Transfer (BOT) contracting model"

barrels of oil equivalent (boe) financial

"expected to produce more than 1 billion barrels of oil equivalent (boe)"

A barrel of oil equivalent (boe) is a single unit that combines different types of energy production—mainly crude oil and natural gas—by converting them into the same energy value so they can be compared and totaled. Think of it as turning apples and oranges into pieces of fruit so you can count them together; investors use boe to compare production, reserves and revenue potential across companies and projects on a like-for-like basis.

export gas pipeline technical

"implementation of an export gas pipeline approximately 134 km long"

subsea Christmas Trees (WCTs) technical

"bidding process for the supply of subsea Christmas Trees (WCTs) and equipment"

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FAQ

What did Petrobras (PBR) announce about the Sergipe Deepwater SEAP I project?

Petrobras announced that its Board approved the final investment decision for the SEAP I project in the Sergipe-Alagoas Basin. This completes investment decisions for the Sergipe Deepwater development, alongside SEAP II, and brings SEAP I into the company’s Base Implementation Portfolio.

How much will Petrobras (PBR) invest in the SEAP I and SEAP II deepwater projects?

Petrobras states that total investments in the combined SEAP I and SEAP II projects will exceed R$ 60 billion. These investments cover two FPSO platforms, 32 wells, and a long export gas pipeline, supporting development of a new offshore oil and gas production frontier.

What production capacity will Petrobras’s SEAP FPSOs provide for oil and natural gas?

The two SEAP FPSOs, P-81 and P-87, will together produce up to 240,000 barrels of oil per day and process 22 million cubic meters of natural gas per day. Each unit has a planned oil capacity of 120,000 barrels per day, with differing gas processing capabilities.

When are Petrobras’s SEAP II oil production and gas exports expected to start?

Petrobras indicates that oil production from SEAP II is scheduled to begin in 2030, with gas exports starting in 2031. Production from SEAP I is expected after the company’s 2026–2030 Business Plan horizon, placing cash generation further into the next decade.

Who will build Petrobras’s SEAP FPSO platforms and under what model?

SBM Offshore will construct both SEAP FPSO platforms under a Build, Operate and Transfer (BOT) model. In this arrangement, SBM is responsible for design, construction, assembly and initial operation of the units before transferring ownership to Petrobras under agreed contractual terms.

How important is the SEAP project for Petrobras (PBR) and Brazil’s gas supply?

Petrobras describes SEAP as a strategic project for increasing natural gas availability in Brazil and strengthening national energy infrastructure. By opening a new deepwater production frontier in the Northeast region, the project aims to support long-term oil and gas production growth for the country.

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16 of the

Securities Exchange Act of 1934

For the month of April, 2026

Commission File Number 1-15106

PETRÓLEO BRASILEIRO S.A. – PETROBRAS

(Exact name of registrant as specified in its charter)

Brazilian Petroleum Corporation – PETROBRAS

(Translation of Registrant's name into English)

Avenida Henrique Valadares, 28 – 9th floor 
20231-030 – Rio de Janeiro, RJ
Federative Republic of Brazil

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F. 

Form 20-F ___X___ Form 40-F _______

Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes _______ No___X____

 

Petrobras approves new investments in the Sergipe Deepwater Project

—

Rio de Janeiro, April 13, 2026 – Petróleo Brasileiro S.A. - Petrobras announces that its Board of Directors has today approved the final investment decision (FID) for the SEAP I project, in the Sergipe-Alagoas Basin, consolidating the development of Sergipe Deepwater (SEAP), a new oil and gas production frontier in the country. The FID for the SEAP II module had already been approved in December 2025.

The feasibility of the projects resulted from a series of initiatives conducted by Petrobras together with the supplier market, notably project optimizations and the revision of contractual terms and conditions, which increased the economic attractiveness of both modules. Both present a positive NPV in all three corporate scenarios.

These advances enabled the structuring of the joint negotiation for the P-81 and P-87 platforms, which will be part of the SEAP I and SEAP II projects, respectively, allowing for the capture of significant synergies and economies of scale, fundamental for concluding the negotiation on economically sustainable terms.

The conditions achieved increased the financial return of the projects and enabled the inclusion of SEAP I in the Base Implementation Portfolio. This result reinforces the importance of partnership and active engagement between the company and the supplier market as central elements for project feasibility, even in a context structurally marked by oil price volatility.

Platform contracting

As announced on November 29, 2024, Petrobras conducted a contracting process for the construction of two FPSO-type oil production units for the SEAP project, under the Build, Operate and Transfer (BOT) contracting model. In this model, the contractor is responsible for the design, construction, assembly, and operation of the asset for an initial period defined in the contract, with subsequent transfer to Petrobras.

The signing of the contracts is expected in May 2026, after the completion of Petrobras’ governance procedures and the necessary partner approvals.

SBM Offshore will be responsible for the construction of both platforms, which together will have an installed capacity to produce up to 240,000 barrels of oil per day and process 22 million cubic meters of natural gas daily. The start of oil production from SEAP II is scheduled for 2030, with gas export beginning in 2031. Production from SEAP I is expected after the Business Plan 2026-30 horizon.

With total investments exceeding R$ 60 billion, the two projects are expected to produce more than 1 billion barrels of oil equivalent (boe), representing significant economic returns for Petrobras and making a relevant contribution to increasing national oil and gas production.

National strategic project and new gas frontier

SEAP is strategic for increasing the availability of natural gas in the country, strengthening national energy infrastructure, and opening a new production frontier in the Northeast region.

www.petrobras.com.br/ir

For more information:

PETRÓLEO BRASILEIRO S.A. – PETROBRAS | Investor Relations

Email: petroinvest@petrobras.com.br/acionistas@petrobras.com.br

Av. Henrique Valadares, 28 – 9th floor – 20231-030 – Rio de Janeiro, RJ.

Tel.: 55 (21) 3224-1510/9947

This document may contain forecasts within the meaning of Section 27A of the Securities Act of 1933, as amended (Securities Act), and Section 21E of the Securities Trading Act of 1934, as amended (Trading Act) that reflect the expectations of the Company's officers. The terms: "anticipates", "believes", "expects", "predicts", "intends", "plans", "projects", "aims", "should," and similar terms, aim to identify such forecasts, which evidently involve risks or uncertainties, predicted or not by the Company. Therefore, future results of the Company's operations may differ from current expectations, and the reader should not rely solely on the information included herein.

 

In addition to the two FPSOs, the project includes the construction and interconnection of 32 wells, as well as the implementation of an export gas pipeline approximately 134 km long — 111 km offshore and 23 km onshore.

The bidding process for the supply of subsea Christmas Trees (WCTs) and equipment for both projects is already underway, and the bidding for the remaining infrastructure is expected to begin later in 2026.

SEAP I

The SEAP I project covers reservoirs with light oil, considered high quality, belonging to the Agulhinha, Agulhinha Oeste, and Palombeta fields, located in the BM-SEAL-10 and BM-SEAL-11 concessions. Petrobras is the operator of BM-SEAL-11 — with a 60% stake, in partnership with IBV Brasil Petróleo LTDA (40%) — and BM-SEAL-10 (with 100% participation).

This unit will have the capacity to produce 120,000 barrels of oil per day and process 10 million cubic meters of natural gas daily.

SEAP II

The SEAP II project covers reservoirs with light oil, considered high quality, belonging to the Budião, Budião Noroeste and Palombeta fields, located about 80 km off the coast in the BM-SEAL-4, BM-SEAL-4A and BM-SEAL-10 concessions, respectively. Petrobras is the operator of BM-SEAL-4 — with a 75% stake, in partnership with ONGC Campos Limitada (25%) —, and BM-SEAL-4A and BM-SEAL-10, where it holds 100% participation.

This unit will have a daily processing capacity of 120,000 barrels of oil and 12 million cubic meters of gas.

www.petrobras.com.br/ir

For more information:

PETRÓLEO BRASILEIRO S.A. – PETROBRAS | Investor Relations

Email: petroinvest@petrobras.com.br/acionistas@petrobras.com.br

Av. Henrique Valadares, 28 – 9th floor – 20231-030 – Rio de Janeiro, RJ.

Tel.: 55 (21) 3224-1510/9947

This document may contain forecasts within the meaning of Section 27A of the Securities Act of 1933, as amended (Securities Act), and Section 21E of the Securities Trading Act of 1934, as amended (Trading Act) that reflect the expectations of the Company's officers. The terms: "anticipates", "believes", "expects", "predicts", "intends", "plans", "projects", "aims", "should," and similar terms, aim to identify such forecasts, which evidently involve risks or uncertainties, predicted or not by the Company. Therefore, future results of the Company's operations may differ from current expectations, and the reader should not rely solely on the information included herein.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Date: April 13, 2026

PETRÓLEO BRASILEIRO S.A–PETROBRAS

By: /s/ Fernando Sabbi Melgarejo

______________________________

Fernando Sabbi Melgarejo

Chief Financial Officer and Investor Relations Officer