Equinor is to invest more than $15bn in Brazil until 2030 as daily oil production reaches over 90,000 barrels per day from current fields. 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.
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.
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 $10bn already invested, and more than $15bn expected to be invested until 2030, we show how we are working to create value for both Brazil and Equinor,” said 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.
“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 phasing of projects and exploration success. Due to our operatorship of Peregrino, we have built a competent organisation that will be important for developing our coming projects and putting them into production,” continued Anders.
In addition to expecting significant growth in production Equinor in Brazil also has an ambition to further explore for growth within renewable energy and new natural gas value chains.
For more information, visit: www.equinor.com
