Tuesday, September 18, 2018

Brazil Becomes Core Ares for Equinor

September 2, 2018

The West Saturn drillship. Photo: Seadrill

With daily oil production of over 90 000 barrels per day from current fields and with expected investments of more than 15 billion USD until 2030, Brazil has become a core area for Equinor.

A press release said that Brazil stands out globally as one of the most promising offshore oil and gas basins with a significant remaining resource base. In addition, the country has a huge potential within renewable energy.

Brazil is a great fit with Equinor’s strategy, using the strengths from the experience on the Norwegian Continental Shelf. Currently Equinor has activity across the value chain, from exploration, through discoveries and development, and into production, as well as within renewable energy.

As of August 17, Development and Production Brazil has been established as a separate business area illustrating the importance of the potential in the country.

“We have been building a presence in Brazil since 2001, and we have been able to establish a broad energy portfolio in the country. With around 10 billion USD already invested, and more than 15 billion USD expected to be invested until 2030, we show how we are working to create value for both Brazil and Equinor,” says Anders Opedal, executive vice president for Development and Production Brazil in Equinor.

Equinor’s assets in Brazil include the producing Peregrino field and the second phase of that project that is due to come on stream in 2020, a 25% share in the giant Roncador field, the significant pre-salt discoveries of Carcará and Pão de Açúcar, as well as globally competitive exploration acreage. In 2017 Equinor also joined as a partner in the Apodi solar project, which will deliver energy to 160,000 households by end of this year.

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

“We are excited about the exploration portfolio in Brazil. We have been very successful in recent bidding rounds,” says Tim Dodson, executive vice president for Exploration in Equinor.

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