Norway-based Equinor will invest up to $15 billion in Brazil over the next 12 years to develop oil, gas and renewable energy sources.
Coinciding with an expected drop in output from many ageing oilfields off the cost of Norway, Brazil is expected to become a core region for Equinor as the firm takes advantage of the country’s opening in recent years to more foreign investment.
The company plans to raise its Brazilian output to between 300,000 and 500,000 barrels of oil equivalent per day (boepd) by 2030, from 90,000 boepd today by developing new fields, including the Carcara discovery.
The Norwegian oil and gas company has already invested around $10 billion in Brazil since 2001, acquiring stakes in a variety of discoveries and fields.
Carcara, estimated to hold similar volumes of oil as Norway’s 2.2 billion–3.2 billion barrels of the firm’s Johan Sverdrup discovery, is expected to start production in 2023–2024, making it the first time a foreign firm operates a so-called pre-salt field.
