COOEC has set 2027 as its target for a first Brazilian FPSO contract, according to an Upstream report published on 9 October 2026. The company placed second in the Albacora tender.
Albacora is a Petrobras redevelopment project in the Campos Basin. The company holds 100% of the field and plans to develop the pre-salt Forno reservoir alongside additional work on post-salt reservoirs. Forno is unitised with the Manjuba accumulation in the Norte de Brava block. Pré-Sal Petróleo S.A. (PPSA) manages that block’s production-sharing contract.
The planned FPSO, P-88, would be capable of producing 120,000 barrels of oil daily. Brazil Energy Insight’s report of 23 September 2026 placed the anticipated start of production beyond 2031. Under the build, operate and transfer model, its contractor would handle design and construction as well as assembly and initial operations. Petrobras would subsequently assume operations.
The same report said Yinson’s technically accepted proposal had progressed to negotiations over commercial terms with Petrobras. Yinson bid $2.29 billion. The other offers reported were $2.9 billion from Shapoorji Pallonji, $3.05 billion from MISC and $3.19 billion from BW Offshore.
