ExxonMobil, Equinor and Petrogal Brasil will invest $8 billion in oil production by halving their emissions from the Brazilian offshore.
Norwegian energy company Equinor, US energy company ExxonMobil and Brazil’s Petrogal Brasil companies announced that they will invest $8 billion in the development of the deep-water oil field Bacalhau in Brazil.
Development work includes an on-site floating production, storage and discharge unit (FPSO) and 19 attached submarine wells.
FPSO will have a production capacity of 220 thousand barrels per day and a storage capacity of 2 million barrels. Oil will be discharged from the unit into tankers and gas from Phase 1 will be re-injected into the reservoir.
CARBON Emissions will be halved in the studies
According to the statement, within the scope of the first phase (Phase 1) studies, the field is estimated to have more than one billion barrels of producible oil reserves. In the statement, it was stated that significant efforts were made to reduce emissions at every stage of production, and it was stated that field development works are expected to cause approximately half the carbon emissions of similar projects.
“FIRST GREEN FIELD DEVELOPMENT STUDY”
Arne Sigve Nylund, Equinor’s vice president of projects, drilling and procurement, said the Bacalhau site is the first greenfield development site by an international operator and will create great value for Brazil, Equinor and its partners.
Nylund noted that Bacalhau is a globally competitive project, priced under $35.
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