Project Overview

FPSO P-88 is Petrobras' Albacora field revitalisation project, located in the Campos Basin, offshore Rio de Janeiro state, Brazil. In August 2026, Petrobras confirmed that Yinson Production had won the tender for the vessel with a bid of USD 2.297 billion. 

The Floating Production Storage & Offloading (FPSO) vessel will have an oil processing capacity of 120,000 barrels of oil per day (bopd), 6 million cubic meters per day, and 1.24 million barrels of storage, moored at 670 m water depth and connected to up to 25 development wells (15 producers, 10 injectors). The project has a design life of at least 20 years, with first production expected by 2030-2031.

Albacora is a mature Campos Basin field currently producing through two existing units: the P-25 semi-submersible platform and the P-31 FPSO, connected via a subsea oil pipeline. The new FPSO P-88 will enable production from the Forno reservoir, an undeveloped pre-salt accumulation in the southern portion of the Albacora field that has not previously been brought into production. 

FPSO Albacora Project Location

The FPSO Albacora project is located in Brazil’s Campos Basin, about 110 km east of Cabo de São Tomé, off the northern coast of Rio de Janeiro state. It is developed at a water depth of approximately 670 m within the 455 km² Albacora ring‑fence area.

Technical Specifications

Project Background

Albacora is one of the Campos Basin's original giant oil fields, discovered by Petrobras in the 1980s and developed through multiple generations of production infrastructure. By the 2020s, the field's legacy platforms, P-25 (a semi-submersible unit) and P-31 (an FPSO), were in structural decline typical of mature Campos Basin assets. Rather than simply managing this decline, Petrobras identified an opportunity to extend Albacora's productive life by developing the previously undeveloped Forno reservoir. 

Petrobras' first attempt to contract a new FPSO for this revitalisation used a conventional lease/charter model. This tender attracted only two bids: BW Offshore at USD 1.2 billion and Ocyan (a Brazilian FPSO operator) at USD 1.7 billion. The tender was ultimately cancelled, reportedly due to financial impasses between Petrobras and the bidders over the commercial terms of the lease structure.

Petrobras then decided to restructure the contracting model entirely. On 1 April, 2025, the company published a new bidding notice for the Albacora FPSO, now designated P-88, under a Build, Operate and Transfer (BOT) framework. Under this structure, the winning contractor takes on full responsibility for building a new FPSO and operating it for an initial 7.5-year period (extendable by Petrobras for a further 7.5 years), after which ownership and operational control transfer entirely to Petrobras.

Eight companies and consortia were pre-qualified for the P-88 tender: Modec, Shapoorji Pallonji Oil & Gas, Yinson, MISC, BW Offshore, SBM Offshore, Ocyan, and the Altera & Ocyan joint venture. The bid opening date, originally set for 1 October, 2025, slipped repeatedly: to 15 December 2025, then to 25 May 2026, and finally to a final commercial offer deadline of 27 July 2026.

FPSO Albacora Current Status

As of August 2026, Petrobras’ FPSO P‑88 project for the Albacora field revitalisation is in the post‑bid evaluation stage: five companies submitted commercial offers, and on 10 August 2026 Petrobras announced that Malaysia’s Yinson ranked first with the lowest evaluated price at about USD 2.297 billion. 

Stakeholder Details

FPSO Albacora Project Cost

Project Scope

The following is the project scope of the FPSO Albacora Project:

• Revitalisation of the Albacora field: Replace the ageing P‑25 and P‑31 units with a new FPSO to streamline operations and extend field life in the Campos Basin. 
  

• Forno pre‑salt reservoir Development: Target initial production from the Forno pre‑salt accumulation, unlocking a new pay zone within Albacora. 
  

• Subsea well system: Install up to 25 subsea wells (around 15 producers and 10 injectors) tied back to the FPSO for pressure support and recovery. 
  

• Gas processing and CO₂/H₂S management: Compress, dehydrate, and treat produced gas (containing CO₂ and H₂S), using part as fuel and for enhanced oil recovery, and exporting the surplus to shore. 

Project Timeline

Benefits

The following are the benefits of the project: 

• Production Boosts: Revitalisation is expected to significantly raise Albacora’s daily output, lifting Petrobras’ revenue and royalty flows to states and municipalities. 
  

• Strengthening Campos Basin Output: P‑88 supports higher pre‑salt share and overall basin production, reinforcing Brazil’s offshore leadership.
  

• Job Creation: The project’s emphasis on domestic participation generates Brazilian jobs, skills development, and supply‑chain activity in shipyards and services. 
  

• Fiscal Benefits: Higher production and royalties improve tax receipts for federal, state, and municipal budgets, supporting public investment and regional development.
  

• Technology and operational efficiency:  A modern FPSO with advanced processing and subsea systems improves recovery rates, reduces operating costs, and sets a template for other mature‑field projects. 

Conclusion

The FPSO P‑88 project plays a pivotal role for the Albacora field, transforming a mature post‑salt asset into a dual‑reservoir development by adding the Forno pre‑salt play. By replacing ageing units with a modern 120,000 bpd FPSO, Petrobras aims to lift production and improve recovery. 

The unit is expected to reach first oil around 2030–2031, aligning Albacora’s revitalisation with Petrobras’ broader pre‑salt and deepwater investment cycle. The project delivers multiple benefits, including higher royalties and tax receipts for the government, supply‑chain activity, and a technical blueprint for future mature‑field redevelopments in Brazil. 

Furthermore, the project’s technical design, modern processing, subsea wells, and CO₂/H₂S management offer a replicable model for future mature‑field redevelopments across Brazil’s offshore basins. 

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