Equinor, Partners to Invest $9 Billion in New Gas Field Off Brazil
(Reuters) — Equinor and its partners have decided to invest about $9 billion to develop the BM-C-33 gas and condensate discovery off Brazil, the Norwegian company said on Monday.
The field which is estimated to hold more than one billion barrels of recoverable oil equivalent is expected to start production in 2028.
"Gas exported from the project could represent 15% of the total Brazilian gas demand at start-up," Equinor said in a statement.
"Its development will also contribute to energy security and economic development, enabling a lot of new job opportunities locally," it added.
Gas from the offshore field will be directly injected into the national gas grid via a 200-km (124-mile) pipeline landing at the city of Macae in the state of Rio de Janeiro.
Oil liquids are planned to be offloaded by shuttle tankers.
Equinor has a 35% stake in the project, while Repsol Sinopec holds 35% and Petrobras the remaining 30%.
Related News
Related News
- Trump Aims to Revive 1,200-Mile Keystone XL Pipeline Despite Major Challenges
- Valero Considers All Options, Including Sale, for California Refineries Amid Regulatory Pressure
- ConocoPhillips Eyes Sale of $1 Billion Permian Assets Amid Marathon Acquisition
- ONEOK Agrees to Sell Interstate Gas Pipelines to DT Midstream for $1.2 Billion
- Energy Transfer Reaches FID on $2.7 Billion, 2.2 Bcf/d Permian Pipeline
- U.S. LNG Export Growth Faces Uncertainty as Trump’s Tariff Proposal Looms, Analysts Say
- Tullow Oil on Track to Deliver $600 Million Free Cash Flow Over Next 2 Years
- Energy Transfer Reaches FID on $2.7 Billion, 2.2 Bcf/d Permian Pipeline
- GOP Lawmakers Slam New York for Blocking $500 Million Pipeline Project
- Texas Oil Company Challenges $250 Million Insurance Collateral Demand for Pipeline, Offshore Operations
Comments