Equinor Aims to Boost Brazil Offshore Oil Output Over Next Decade

Credit: Equinor
Credit: Equinor

Equinor plans to expand its oil production in Brazil more than fivefold over the next decade, while also eyeing green energy projects, especially in offshore wind power, an executive for the Norwegian energy giant said on Tuesday.

The company aims to boost output to more than 500,000 barrels of oil equivalent per day (boed) by 2033 from current output of nearly 90,000 boed, Equinor Brazil vice president Lars Jetlund Hansen said at an energy event in Rio de Janeiro. 

"We have great momentum to grow more in Brazil in both oil and gas and renewables," Jetlund Hansen said.

Equinor is the second-largest oil producer in the country after state-run Petrobras, according to official data.

Jetlund Hansen pointed to Brazil's Bacalhau field, part of the Santos Basin, as Equinor's main bet for local production growth over next few years.

The company acquired a majority stake in the offshore field in 2016 and expects to begin pumping mostly light crude from it in 2025. 

U.S. oil giant ExxonMobil and Portugal's Petrogal also own stakes in Bacalhau, which will be developed with one of the largest floating, production, storage and offloading (FPSO) vessels in the country, with daily capacity of 220,000 barrels.

The executive said Equinor is also exploring opportunities in renewable energy in Brazil, touting good solar potential as well as offshore wind projects.

"Brazil has a lot of sun and is one of the biggest markets, and where you can grow," said Jetlund Hansen. 

"We see in offshore wind a lot of synergy with oil and gas, and we are looking at several projects," he added.

Earlier this year, Equinor and Petrobras signed an agreement to evaluate seven offshore wind projects in Brazil that would deliver a combined capacity of 14.5 gigawatts of power.

(Reuters - Reporting by Rodrigo Viga Gaier; Writing by Peter Frontini; Editing by David Alire Garcia; Editing by Sonali Paul)

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