Equinor has secured a new exploration opportunity in Brazil, having won the license for S-M-1617 offshore block in Santos Basin during the country’s fifth Open Permanent Concession bid round.
The S-M-1617 license in Brazil was secured by Equinor on a 100% basis with a total signature bonus of around $5.5 million. The license is located 400 kilometers off the coast, in water depths up to 2600 meters.
The block is located 60 kilometers away from the S-M-1378 block already owned by Equinor.
Equinor said it will now proceed to conduct necessary geological and geophysical assessments for future exploration activities.
“We are pleased with our success in today’s bidding round, securing a new exploration opportunity in Brazil – a core country in our international portfolio. The license is in close proximity to the S-M-1378 block we already own, an area with strong potential that we can leverage to reinforce our position in the Santos basin.
“This award provides us with longevity options for Brazil and demonstrates our continuous commitment and appetite to grow in the country,” says Veronica Coelho, Senior Vice President and Brazil Country Manager.
Equinor as an international operator has been present in Brazil for more than two decades and sees the country as a core area for long-term growth.
The S-M-1617 license is located in the Santos basin, 400 kilometres off the coast, in water depths up to 2600 metres. The company acts as an operator of the Bacalhau and Raia projects, in the Santos and Campos basins respectively.