Brazil’s Petrobras Signs $1.48 Billion Contract with Subsea 7 for Búzios 11 Project

Brazilian oil and gas major Petrobras has signed an engineering, production, construction, and installation (EPCI) contract with Subsea 7 for the Búzios 11 Project, worth R$8.4bn ($1.48bn).

The contract establishes a minimum requirement of 40% local content, but the expectation is to reach a percentage above 50%. In total, the deal is expected to generate over 1,000 direct and indirect jobs.

The Búzios 11 production development project foresees the interconnection of 15 wells to the P-83 platform, with eight producers and seven alternating water and gas injectors.

The start of the EPCI Búzios 11 offshore campaign is scheduled for October 2027. The Búzios consortium is composed of Petrobras as the operator, the Chinese partner companies CNOOC and CNODC, as well as PPSA as the manager of the production sharing contracts.