FPSO is not mine

Numbers don’t lie as they reveal Petrobras’ strategy for FPSOs. Of the 18 FPSOs set to be contracted, 10 have already been awarded, with 12 of the total slated to be leased units and only 6 owned by Petrobras. This marks a shift, tilting the current 40% leased vs. owned ratio further toward leasing.

But at what lifting cost? (Ineep and Dieese numbers)

For post-salt deepwater, leased units have 15% higher lifting costs.
For ultra-deepwater pre-salt, the difference soars to 50% higher lifting costs for leased units.

Managing and operating FPSOs isn’t Petrobras’ core business. Yet, owning units can provide an economical advantage while also driving Brazil’s shipbuilding and support industries. On tankers, sovereignty and logistical control under state management are clear benefits.

So why the shift to leasing FPSOs? If owned units are more cost-efficient in the long run, is Petrobras prioritizing short-term flexibility over long-term strategy? Cash restrains?

What’s your take?