Equinor and its partners have commenced production at the Bacalhau field in Brazil's Santos basin, a major milestone for one of the world's largest deepwater developments. This project is Equinor's most significant international offshore investment, with recoverable reserves of over 1 billion barrels of oil equivalent and a peak production capacity of 220,000 barrels per day.

Project Details and Partnership

Production began on October 15, with the field located in the pre-salt region offshore Brazil. The development is operated by Equinor in partnership with ExxonMobil Brasil, Petrogal Brasil, and Pré-sal Petróleo SA.

Strategic Significance and Leadership Commentary

The Bacalhau field is described as a new generation project that combines scale, cost-efficiency, and lower carbon intensity, strengthening the longevity of oil and gas production and securing long-term value creation. Brazil is identified as a core growth area for Equinor, with Bacalhau expected to be a major contributor to the company's goal of generating over $5 billion in free cash flow by 2030 from its international portfolio.

Technical and Environmental Features

The ultra-deepwater field, situated at depths exceeding 2,000 meters, utilizes one of the world's most advanced Floating Production, Storage and Offloading units. This vessel, built and operated by MODEC in the initial phase, is 370 meters long and 64 meters wide and incorporates combined-cycle gas turbine technology to reduce carbon intensity. Equinor anticipates CO₂ emissions of approximately 9 kg per barrel of oil equivalent, setting a new benchmark for low-emission offshore operations. The Phase 1 development includes 19 production and injection wells, which will be brought online sequentially as the project ramps up.

Economic Impact and Future Operations

Over its 30-year lifespan, the Bacalhau project is projected to support around 50,000 jobs and deliver long-term economic benefits to Brazil. Equinor plans to assume full operation of the FPSO facilities after the conclusion of MODEC's initial operating phase.

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