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 Equinor operating the field alongside partners ExxonMobil Brasil, Petrogal Brasil, and Pré-sal Petróleo SA. The field is situated in the pre-salt region offshore Brazil in ultra-deepwater depths exceeding 2,000 meters.

Technological and Environmental Features

The development utilizes one of the world's most advanced Floating Production, Storage and Offloading (FPSO) units, built and operated by MODEC during its initial phase. The vessel, measuring 370 meters in length and 64 meters in width, incorporates combined-cycle gas turbine technology to reduce carbon intensity. Equinor expects CO₂ emissions of approximately 9 kg per boe, 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.

Strategic and Economic Significance

Bacalhau 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 a core growth area for Equinor, and Bacalhau is projected to be a major contributor to achieving over $5 billion in free cash flow by 2030 from its international portfolio. Over its 30-year lifespan, the project is expected to support around 50,000 jobs and deliver long-term benefits to Brazil's economy. Equinor plans to assume full operation of the FPSO facilities after MODEC's initial operating phase concludes.