These new fields will be located on the area of the blocks BM-SEAL-4, BM-SEAL-4A, BM-SEAL-10, and BM-SEAL-11. The suggested names were Budião, Budião NW, Budião SE, Palombeta, Cavala, Agulhinha and Agulhinha Oeste. According to a Petrobras press release, Budião will be managed by a Petrobras– Oil and Natural Gas Corporation Ltd (ONGC) consortium, while Agulhinha and Cavala will be operated by Petrobras with IBV BRASIL PETRÓLEO Ltda as partners; The other four are all 100% Petrobras. Two FSPOs are planned for these assets, with the first oil set for 2026.
It’s worth noticing that these areas are right next to the blocks owned by ExxonMobil, Enauta, and Murphy Oil Corporation. The consortium has multiple wells being licensed in the area and the first drilling is expected to begin very soon.