REPYF - Equinor partners to move ahead with $9B Brazil gas project

2023-05-08 09:25:04 ET

Equinor ( NYSE: EQNR ) and its partners said Monday they have taken a final investment decision to spend ~$9B to develop the BM-C-33 gas project offshore Brazil.

The three BM-C-33 finds in the pre-salt region that holds Brazil's biggest discoveries are estimated to contain more than 1B barrels of recoverable natural gas, oil and condensate reserves equivalent, operator Equinor ( EQNR ) said.

Gas exported from the project could represent 15% of total Brazilian gas demand at start-up, which is expected in 2028, the Norwegian oil company also said.

Equinor ( EQNR ) owns a 35% interest in the project, while a Repsol Sinopec joint venture ( OTCQX:REPYF ) ( OTCQX:REPYY ) holds 35% and Petrobras ( PBR ) owns the remaining 30%.

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