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Delays in Oil and Gas Exploration Projects in Brazilian Pre-Salt Are a Result of the Impacts of the Covid-19 Pandemic. Equinor Announced the Postponement of Production at the Bacalhau Field in the Santos Basin to 2025.
The oil and gas company Equinor is facing issues in maintaining its project schedule for the upcoming years. Following the impacts of the Covid-19 pandemic on its operations, the company announced the postponement of the Bacalhau field project, located in the pre-salt of the Santos Basin. Now, the start of production is expected to occur only in 2025, as disclosed by the oil company.
Santos Basin: Discover the Cradle of the Pre-Salt
Delays in Equinor’s Project Schedule Lead to Postponement of Production in the Pre-Salt Bacalhau Field to 2025
More than 2 years after the onset of the Covid-19 pandemic, the global industry is still moving towards normalizing operations.
During the initial years since the virus was discovered, the impacts on oil and gas projects were significant, leading to the suspension and even halt of some important campaigns in Brazilian territory.
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Now, another major player in the oil and gas market announces the postponement of one of its ventures. Equinor is planning to start production at the Bacalhau field only in 2025, due to delays in its schedule.
Data regarding the postponement of the project in the Santos Basin pre-salt were disclosed by the company’s president, Anders Opedal.
He highlighted that the pandemic significantly affected Equinor’s operations and its project plans for the coming years, including the production at the Bacalhau field.
Now, the company continues to work towards recovering the lost timelines from recent years.
I think all projects were harmed by Covid-19 and not just the shipyards in Asia, but worldwide and also in Norway. We are recovering from that now. And Geir [Tungesvik, Vice President of Projects, Drilling and Procurement] and his team are making very good progress. We are on track with the Castberg project [in Norway], but the Bacalhau project in Brazil will be delivered in 2025,” said Opedal during a conference with the company’s investors.
Santos Basin Pre-Salt Project, Production at Bacalhau Field, Is Equinor’s Largest International Venture
The production at the Bacalhau field is a project operated by Equinor (40%), in partnership with ExxonMobil (40%) and Petrogal (20%).
Additionally, the state-owned Pré-Sal Petróleo S.A (PPSA) also participates in the consortium as the manager of the sharing contract.
This is the first production project in the national pre-salt developed by a multinational company, bringing even more attention to the high potential of the Santos Basin region in Brazil.
At the end of 2022, Equinor began its drilling campaign at the Bacalhau field to continue the project.
It aims to carry out two production phases in the area but still faces the consequences of delays in its schedule.
This is because the oil industry has been recovering its activities following the price shock of 2020. Several companies have abandoned projects over the past years.
However, even with the postponement of production at the Bacalhau field, Equinor continues with its planning for the project in the Santos Basin pre-salt.
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