EQNR - Equinor starts production at new Peregrino platform offshore Brazil

Equinor ( NYSE: EQNR ) said Thursday it produced first oil at its new platform at the Peregrino field offshore Brazil, as the company aims to ramp up production and reduce emissions in the area.

The Peregrino field is made up of phase 1, which consists of a floating production storage and offloading vessel supported by two wellhead platforms - Peregrino A and Peregrino B - while phase 2 consists of the new Peregrino C wellhead platform and related facilities.

The company said phase 2 will extend the life of the Peregrino field to 2040, adding 250M-300M barrels of oil while also cutting in half expected carbon emissions per barrel during the field's remaining lifetime.

Equinor ( EQNR ), which is operator of the field with a 60% stake while partner Sinochem owns 40%, said phase 2 was delivered within the original $3B cost estimate despite COVID-19-related disruptions delaying the start-up of the project by two years.

Equinor is the "preferred European gas supplier," Tudor Invest Holdings writes in an analysis published on Seeking Alpha .

For further details see: