Equinor Shares Development Proposals for $9 Billion Natural Gas Initiative Offshore Brazil

Norwegian state-owned energy conglomerate Equinor has taken a significant step forward in its operations, recently submitting declarations of commerciality and development plans for two natural gas fields located within Brazil's BM-C-33 concession, situated in the Campos Basin. These submissions were made to the Agência Nacional de Petróleo, Gás Natural e Biocombustíveis (ANP), marking a significant milestone in the energy sector. Importantly, this project is poised to be the country's first endeavor to process gas offshore and connect it directly to the national grid without the need for further onshore processing.

Trond Bokn, Senior Vice President for Project Development at Equinor, emphasized the strategic significance of these fields in Equinor's broader ambitions in Brazil. With a well-established history and a clear intent to bolster its presence in the region, Equinor is set to work collaboratively with its partners, bringing additional expertise to ensure the safe and efficient execution of these development initiatives.

Equinor has outlined a comprehensive development plan for these fields, which includes the deployment of a floating production storage and offloading (FPSO) vessel. This vessel is designed to process both gas and oil/condensate, ensuring that the products meet the necessary sales specifications without the need for additional onshore processing. Notably, the FPSO will possess an impressive production capacity, capable of handling 16 million cubic meters of gas per day, with an expected average export rate of 14 million cubic meters of gas per day.

Furthermore, Equinor underscores the significance of Raia Manta and Raia Pintada as substantial natural gas fields poised to play a pivotal role in advancing the Brazilian gas market. Beyond their contribution to the energy landscape, the development and operation phases of these fields hold the potential to create up to 50,000 local job opportunities throughout their entire life cycle, through various contracts within the supply chain. This significant job creation reflects Equinor's commitment to supporting local communities and economies.

Finally, Equinor has allocated substantial resources to this groundbreaking project, with a total investment estimated at approximately $9 billion. This financial commitment underscores the company's dedication to advancing clean and sustainable energy solutions and solidifies its position as a key player in the global energy transition.

Equinor's recent submissions of commerciality declarations and development plans for the Raia Manta and Raia Pintada natural gas fields represent a significant milestone in Brazil's energy landscape. This initiative not only marks Brazil's first project to process gas offshore and connect it directly to the national grid but also signals Equinor's commitment to advancing the country's gas market. The potential economic impact, in terms of job creation and local development, is substantial, and the significant investment underscores Equinor's dedication to driving sustainable energy solutions on a global scale. This venture is a testament to Equinor's vision for a cleaner and more sustainable energy future.