Petrobras, Equinor, and Repsol Sinopec Join Forces to Invest $9 Billion in Deepwater Exploration in the Campos Basin

Written by Valdemar Medeiros

Published on 10/05/2023 at 12:44

Updated on 10/05/2023 at 12:48

Foto: Divulgação -EBC

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Petrobras, Equinor And Repsol Sinopec Formed A New Partnership And Plan To Invest Billions In A Deepwater Block In The Campos Basin, Rio De Janeiro.

On Monday (8), Petrobras, Equinor, And Repsol Sinopec announced a billion-dollar investment in the exploratory block BM-C 33 in the deep waters of the Campos Basin. The project, which includes the Pão de Açúcar discovery, will require a total investment of US$ 9 billion and will extract oil and gas reserves exceeding 1 billion barrels of oil equivalent (boe).

Production In The Campos Basin Is Expected In 2028

The FPSO that will be contracted by Petrobras, Equinor, and Repsol Sinopec for Pão de Açúcar will be developed with a focus on producing 16 million m³ of natural gas per day, with the intent of connecting the future field to the Cabiúnas Terminal in Macaé, Northern Rio de Janeiro. This volume could represent 15% of the national gas demand at startup.

Equinor has been operating in the BM-C-44 area, where it holds a 35% stake, since December 2016. The company’s partners in the project are Petrobras, which has a 30% stake, and Repsol Sinopec with a 35% stake. The start of production is projected to take place in 2028.

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Discoveries In The Pre-Salt Of The Campos Basin

According to Alejandro Ponce, CEO of Repsol Sinopec, the Final Investment Decision (FID) for BM-C-33 is a milestone in its 25-year history in Brazil, reinforcing its strategic role in the country within global Repsol Sinopec activities.

The field will be an essential source of gas for the domestic market, contributing to enabling an orderly transition to a low-emission future. This is the right time for the right project. In the Campos Basin block, three discoveries were made in the pre-salt: Seat (2010), Gávea (2011), and a huge discovery of gas and condensate in the Pão de Açúcar prospect, announced 11 years ago, where 1 billion barrels of equivalent are estimated.

Project Will Feature An Innovative Natural Gas Treatment System

Production at Pão de Açúcar, discovered in BM-C-33, pre-salt of the Campos Basin, and operated by Equinor Brazil, will feature an innovative natural gas treatment system installed on the topside of the production platform itself.

This was the method found to manage the high potential of associated natural gas production in the asset. According to Verônica Coelho, president of Equinor Brazil, during the Gás Week 2021, the approach of processing natural gas on the platform is unique and innovative from a technological standpoint. Its use was essential to provide economic robustness to the project.

As previously mentioned, the block that will receive investments from Petrobras, Equinor, and Repsol Sinopec is located in the pre-salt of the Campos Basin, with the license situated about 200 km off the coast, at water depths of up to 2,900 m.

Petrobras, Equinor, and Repsol Sinopec Join Forces to Invest $9 Billion in Deepwater Exploration in the Campos Basin

Petrobras, Equinor And Repsol Sinopec Formed A New Partnership And Plan To Invest Billions In A Deepwater Block In The Campos Basin, Rio De Janeiro.

Production In The Campos Basin Is Expected In 2028

Discoveries In The Pre-Salt Of The Campos Basin

Project Will Feature An Innovative Natural Gas Treatment System

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Petrobras, Equinor, and Repsol Sinopec Join Forces to Invest $9 Billion in Deepwater Exploration in the Campos Basin

Petrobras, Equinor And Repsol Sinopec Formed A New Partnership And Plan To Invest Billions In A Deepwater Block In The Campos Basin, Rio De Janeiro.

Production In The Campos Basin Is Expected In 2028

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Project Will Feature An Innovative Natural Gas Treatment System

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