Equinor to invest $15 bln in Brazil by 2030

Norway’s Equinor anticipates investments in its oil and gas assets in Brazil of up to USD 15 billion by 2030, the company said in a press release on Wednesday.

Though the major E&P player is involved in developments across the globe, Equinor has identified Brazil as a core area, as the country “stands out globally as one of the most promising offshore oil and gas basins with a significant remaining resource base” and “has a huge potential within renewable energy,” the statement read.

“We have a portfolio with the potential to produce between 300,000 and 500,000 boepd in 2030, depending on phasing of projects and exploration success,” said Anders Opedal, Equinor’s executive vice-president for development and production Brazil. “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.”

Equinor plans to drill five wells in the Santos and Campos basins by 2020, the statement added. The company announced in July that it had discovered oil through its wildcat Guanxuma well in the BM-S-8 block.

Equinor has invested about USD 10 billion in Brazilian projects since it entered the country in 2001. The major currently produces more than 90,000 bopd from offshore fields, including Peregrino and Carcará, which it operates. The company is also involved in multiple hydrocarbons exploration projects, as well as the Apodi solar project.