Equinor and its partners have achieved first oil from the Bacalhau field in Brazil’s Santos basin, marking a major milestone for one of the largest deepwater developments in the world. The project represents Equinor’s biggest international offshore investment, with recoverable reserves exceeding 1 billion barrels of oil equivalent (boe) and peak production capacity of 220,000 barrels per day (bpd).
The field, located in the pre-salt region offshore Brazil, began production on October 15 at 22:56 Rio time, operated by Equinor alongside partners ExxonMobil Brasil, Petrogal Brasil (Galp|Sinopec), and Pré-sal Petróleo SA (PPSA).
“Bacalhau represents a new generation of projects that combine scale, cost-efficiency and lower carbon intensity,” said Anders Opedal, Equinor President and CEO. “It strengthens the longevity of our oil and gas production and secures value creation for decades to come.”
The ultra-deepwater field, located at depths exceeding 2,000 meters, is developed using 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 measures 370 meters in length and 64 meters in width and features combined-cycle gas turbine (CCGT) technology to reduce carbon intensity.
Equinor expects CO₂ emissions of about 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 come online sequentially as the project ramps up.
“Brazil is a core growth area for us,” said Philippe Mathieu, EVP for E&P International. “Bacalhau will be a major contributor to Equinor’s goal of generating over $5 billion in free cash flow by 2030 from our international portfolio.”
Over its 30-year lifespan, the Bacalhau 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.
Image provided by MODEC
