Home Equinor to invest more than $15 billion in Brazil by 2030

Equinor to invest more than $15 billion in Brazil by 2030

29 from 2018 to 07 at 34: XNUMX
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Brazil has become a hub area for Norwegian oil and gas giant Equinor, with daily oil production of over 90 barrels per day

Brazil stands out worldwide as one of the most promising offshore oil and gas basins with a significant remaining resource base. Furthermore, the country has huge potential within renewable energy, Equinor said on Wednesday revealing its plans for the country.

Brazil as a separate business area

According to Equinor, Brazil fits perfectly into its strategy, using the strengths of experience on the Norwegian continental shelf. Equinor currently has activities across the entire value chain, from exploration, through discoveries and development, to production, as well as within renewable energy.

As of August 17, Brazil's Development and Production Department was established as a separate business area illustrating the importance of potential in the country, Equinor said.

“We've been building a presence in Brazil since 2001, and we've managed to establish a broad energy portfolio in the country. With close to USD 10 billion already invested and over USD 15 billion expected to be invested by 2030, we show how we are working to create value for both Brazil and Equinor,” said Anders Opedal, Executive Vice President Development and Production in Brazil. equinor

Equinor's assets in Brazil include the producing Peregrino field and the second phase of that project due to come on stream in 2020, a 25% stake in the giant Roncador field, the important pre-salt discoveries of Carcará and Pão de Açúcar, as well as cultivated exploration area.

In 2017, Equinor also joined as a partner in the Apodi solar project, which will power 160.000 homes by the end of this year.

“We have a portfolio with the potential to produce between 300.000 and 500.000 barrels of oil equivalent per day in 2030, depending on the project phase and the success of exploration. Due to our work at Peregrino, we have built a competent organization that will be important to develop our next projects and put them into production”, continues Opedal.

As well as expecting significant growth in production, Equinor in Brazil also has ambitions to further explore growth in renewables and new natural gas value chains.

Planted area for oil exploration and discovery in the BM-S-8 license

In the last year, Equinor has actively participated in new offshore licensing rounds, gaining access to significant areas in the Santos and Campos basins.

“We are excited about the exploration portfolio in Brazil. We have been very successful in recent bidding rounds,” said Tim Dodson, Executive Vice President Exploration at Equinor.

“Our current position is the result of long-term thinking and hard work by our organizations in Brazil and Norway to find the right perspectives. There is always uncertainty in exploration, but this is a proven and prolific oil province, with many great discoveries in the last decade. Over the next two years, we expect to drill up to five high-impact wells in the Campos and Santos basins, with potential comparable to some of the giants that shaped the Norwegian continental shelf in the 1970s and 1980s,” said Dodson.

Equinor is currently drilling the Guanxuma well in the BM-S-8 license. This was declared as an oil discovery by the Brazilian regulator ANP. Good quality oil was discovered in a carbonate reservoir. However, Equinor noted that uncertainties remain over the properties of the reservoir, and more work is needed to clarify the discovery potential.

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