February 28, 2025 [Reuters]- Petrobras has cancelled a tender for the chartering of an FPSO-type platform for the Barracuda and Caratinga fields, due to the project’s unfeasibility, said the company’s director of Engineering, Technology and Innovation, Renata Baruzzi, this Thursday.

Information about the possible cancellation was reported by Reuters last week, based on information from people close to the discussions.

Speaking to journalists on Thursday, Baruzzi did not provide details on what would be the impossibility.

Reuters reported that the only bid in the tender had been made by India’s Shapoorji Pallonji Energy, and the price was higher than expected by the state-owned oil company, according to two sources.

Petrobras understood that the economic model for the Barracuda and Caratinga project would not be viable with the result of the competitive process for contracting the platform, according to the director.

The director said that the company sees a “small” impact from the project cancellation, but commented that Petrobras could re-bid the platform under the BOT model, a contracting modality in which the contractor is responsible for the design, construction, assembly and operation of the asset for an initial period defined in the contract. Subsequently, the operation is transferred to the state-owned company.

The company initially expected to contract an FPSO (an acronym in English that identifies floating platforms with the capacity to produce, store and unload oil) for the project that would have the capacity to produce up to 100,000 barrels of oil per day (bpd) and process up to 6 million m3 of gas daily.

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