Petrobras expects to receive first oil from the P-71 floating production, storage and offloading vessel before the end of December, setting in motion an updated five-year business plan that will see 18 big FPSOs deployed in Brazilian waters.

Among the new deployments, the newly unveiled Petrobras business plan includes two brand new projects — Sepia 2 and Atapu-2 — that help account for a $7 billion increase in capital expenditure in exploration and production under the 2023-2027 plan, up compared with its predecessor or 2022-2026.