Equinor begins drilling in Brazil's Raia and plans to explore the Santos Basin by 2027

Equinor's top executive in Brazil said that the Norwegian company has begun drilling for the offshore Raia natural-gas project in Brazil. It is also planning new 'exploratory activities in Brazil.

Equinor Brazil Country Manager Veronica Coelho said that the project in Campos Basin is expected to begin production by 2028. It will?ultimately supply around 15% of Brazil's gas domestic demand.

Coelho stated that Brazil was the second most popular country in which we invested after Norway.

The $9 billion Raia Project is expected to?produce 16 million cubic meters of gas and 126,000 barrels?of oil and?condensate?per day.

Equinor expands its footprint in Brazil’s rich pre-salt area with the acquisition of Raia. The company operates the Bacalhau Field in the Santos Basin. Production began last year, and the field is still ramping up.

Coelho stated that Equinor plans to drill an exploratory well in 2027, in its S-M-1378?block. It is also evaluating a similar project in the S-1617?block. Both are located in the southern part of the Santos Basin. She pointed out that BP announced a'major discovery' last year near the blocks.

Coelho stated that Equinor still views Brazil as a "priority destination for investment" while declining to comment on the geopolitical tensions of the Middle East and Brazil's recent interventions in its fuel market. (Reporting and writing by Marta Nogueira, Editing by Gabriel Araujo).

(source: Reuters)