Equinor joins partners in 66 billion kroner investment in oil fields in Brasil

EquinorPhoto: Torstein Bøe / NTB

Equinor and partners ExxonMobil, Petrogal Brasil, and Pré-sal Petróleo SA have decided to develop phase one of the Bacalhau field in Brazil.

The investment is around USD 8 billion, which is equivalent to NOK 66 billion.

“Bacalhau is a globally competitive project with a break-even below USD 35 in a key energy region. Estimated recoverable reserves for the first phase are more than one billion barrels of oil,” Arne Sigve Nylund, Executive Vice President for Projects, Drilling, and Procurement at Equinor, noted.

Equinor will be the operator in the field, and according to newspaper E24, Bacalhau will be the company’s largest foreign field.

The field is located 185 kilometers off the coast of Ilhabela in the state of São Paulo. Oil production is scheduled to start in 2024, and in phase one, Equinor plans to pump up 220,000 barrels per day.

The development plan was approved by the Brazilian regulatory body ANP in March 2021.

Source: © NTB Scanpix / #Norway Today / #NorwayTodayFinance

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