Petróleo Brasileiro S.A. – Petrobras (PBR) Inks Deal with SBM Offshore for Oil and Gas Production Vessels

Petróleo Brasileiro S.A. – Petrobras (NYSE: PBR ) is one of the best hot stocks to buy for June . On May 28, Petróleo Brasileiro S.A. – Petrobras (NYSE:PBR) entered into an agreement with SBM Offshore for two floating oil and gas production vessels for its Sergipe deepwater project.

The deal is part of the company’s bid to bring to life two approved oil and gas development projects with the potential of producing more than 1 billion barrels of oil equivalent. As part of the deal, SBM Offshore has been granted contracts by Petroleo Brasileiro S.A for two FPSO projects in the Sergipe-Alagoas basin. Consequently, SBM Offshore is to design, build, and operate FPSOs SEAP-I and SEAP-II. Petrobras is to own the FPSOs, with SBM Offshore operating them for an initial period of 6.5 years.

SBM Offshore is to design SEAP-II FPSO (P-87) to produce 120,000 barrels of oil per day, backed by an associated gas treatment capacity of 425 million standard cubic feet per day and water injection capacity of 120,000 barrels per day. Delivery is expected in 2030.

Petróleo Brasileiro S.A. – Petrobras (NYSE:PBR) is a majority state-owned Brazilian multinational corporation that operates as an integrated energy company. It specializes in oil and gas exploration, offshore production, refining, marketing, and the distribution of petroleum products.

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