Equinor and Partners to develop Bacalhau phase 1 in Brazil
Equinor (operator) and ExxonMobil, Petrogal Brasil and Pré-sal Petróleo SA (PPSA) have decided to develop phase one of the Bacalhau field in the Brazilian pre-salt Santos area. The investment is approximately 8 billion USD.
“This is an exciting day. Bacalhau is the first greenfield development by an international operator in the pre-salt area and will create great value for Brazil, Equinor and partners. Good cooperation with partners, Brazilian authorities and suppliers has resulted in an investment decision for the Bacalhau field,” says Arne Sigve Nylund, Equinor’s executive vice president for Projects, Drilling and Procurement. “Bacalhau is a globally competitive project with a break even below USD 35 in a key energy region. Estimated recoverable reserves for the first phase are more than one billion barrels of oil,”
The development plan was approved by the Brazilian National Agency of Petroleum, Natural Gas and Biofuels (ANP) in March 2021.
“Bacalhau is an important step towards the realization of our strategic ambition to deepen our presence in Brazil. It is also an important project for the country, as it represents significant investments, ripple effects in the supply chain and local job creation,” says Veronica Coelho, Equinor’s country manager in Brazil.
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