“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 organization that will be important for developing our coming projects and putting them into production,” continues Opedal.
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.
Globally competitive exploration acreage
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.
“Our current acreage position is the result of long-term thinking and hard work from our organisations in Brazil and Norway to find the right prospects. There is always uncertainty in exploration, but this is a proven and prolific oil province with many large discoveries the last decade. Over the next two years we expect to drill up to five high impact wells in the Campos and Santos basins, with potential comparable to some of the giants that shaped the Norwegian Continental Shelf in the 1970 and 1980s,” says Dodson.
Equinor is currently drilling the Guanxuma well in the BM-S-8 licence. This has been declared as an oil discovery by Brazilian regulator ANP. Good quality oil has been discovered in a carbonate reservoir. However, uncertainties remain over reservoir properties, and more work is needed to clarify the discovery potential.