Mature Fields Attract Equinor, Oil Company Will Invest 15 Billion Dollars in Brazil by 2030

Second Largest Oil Producer in Brazil, Equinor Focuses on Mature Fields and Declares Investments in the Country of US$ 15 Billion in Brazil by 2030.

The Norwegian oil company Equinor is eyeing the mature offshore fields in Brazil and currently plans to invest US$ 15 billion in Brazil by 2030.
The strategy is to make the second largest producer in Brazil, behind Petrobras, produce more than the current 100 thousand barrels per day (bpd). The Development of Equinor’s Natural Gas Exploration and Production Projects is Also a Highlight.

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Brazil is one of the key markets for Equinor, along with the USA, but it is here that the company operates the largest offshore project outside Norway, the Peregrino field, in the southwestern part of the Campos Basin.
Currently, Equinor is focusing its efforts on implementing phase 2 of the Peregrino field, with the installation of another WHP platform. The platform is expected to be operational by the end of next year and will add over 250 million barrels of oil to the company’s portfolio.

The WHP-C is under construction in the USA, but the jacket is being built at the Dutch shipyard Dutch Heerema and is already in an advanced stage.

The president of Equinor in Brazil, Margareth Øvrum, said in an interview with Exame magazine that: “Brazil is focusing a lot of efforts on pre-salt, but we also believe there is significant value in post-salt.”
The president also stated that the company is looking at mature fields, as it is a market with great potential in Brazil.

The well recovery rate in Brazil is 20% to 25%, which represents half of what is applied in other countries around the world.
A good example is the Roncador field, where Equinor acquired a 25% stake and is one of the three main producers of Petrobras.
“In 2018, Equinor estimated to increase the recovery factor of the field by another 5%, which is equivalent to 500 million barrels of oil. After seven months, we increased that ambition to 10%, and now the recovery factor is close to 40%,” said the president.

Operations in Brazil

Equinor arrived in Brazil in 2001, and its portfolio now includes 20 licenses located in the Campos Basins, Santos, and Espírito Santo, and the company’s three main projects are: Peregrino (deep waters), Carcará, and BM-C-33, all in ultradeep waters known as pre-salt layer.

In addition to investments in Peregrino and Roncador, the company will develop the first greenfield project (from scratch) in the pre-salt area to be developed by an international operator in Brazil, which is expected to start production in 2023 or 2024.
The company was previously named Statoil and changed its name to Equinor, as according to the president: “We were an oil and gas company; now we are an energy company.”

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