EQNR - Equinor restarts production at Brazil's Peregrino oil field

Equinor ( NYSE: EQNR ) said Tuesday it has resumed production at the Peregrino field in the Campos basin offshore Brazil, after output was suspended in April 2020.

The company said it has since executed a series of upgrades, repairs and maintenance on the floating production storage and offloading vessel, and has installed a new platform, Peregrino C.

Peregrino Phase 1 consists of the FPSO vessel supported by two wellhead platforms, while Phase 2 consists of the new wellhead platform and related facilities.

Equinor ( EQNR ) estimates remaining reserves from Peregrino Phase 1 at 180M barrels, and Phase 2 is expected to add 250M-300M barrels, with first oil expected in this year's Q3.

Peregrino is the largest field operated by Equinor ( EQNR ) outside of Norway and the first of a series of major field developments in Brazil.

Equinor ( EQNR ) is "very well positioned for high European natural gas prices," and shares are priced at just 2x free cash flow, Michael Wiggins de Oliveira writes in a bullish analysis posted on Seeking Alpha .

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