EQNR - Equinor Exxon seek to expand $8B Brazil offshore oil development - Reuters

Equinor (NYSE:EQNR) and partner Exxon Mobil (NYSE:XOM) have taken the first steps to expand the $8B Bacalhau oilfield off Brazil's coast, Reuters reported on Tuesday. The companies want to boost future production from Bacalhau, Equinor's (EQNR) largest project outside of Norway, and are considering a second drilling rig and a second floating production platform for the next phase along with a 100-mile-long gas pipeline, according to the report. Equinor (EQNR) told Reuters it plans to drill a new appraisal well in the north of the Bacalhau field next year "to better understand the reserves base for the Phase 2 development," and the partners are assessing awarding a contract for a second drilling rig. For Exxon (XOM), Bacalhau could provide its first barrel of oil from offshore Brazil and a new supply of oil from lower carbon operations. "Equinor's stock has been in a positive bubble since June 2021, and is

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Equinor, Exxon seek to expand $8B Brazil offshore oil development - Reuters