EQNR - Equinor to seek five-fold increase in Brazil oil production over next decade

2023-06-14 10:28:40 ET

Equinor ( NYSE: EQNR ) said Tuesday it plans to expand its oil production in Brazil by more than 5x over the next decade, while also eyeing green energy projects especially in offshore wind power.

Equinor ( EQNR ) wants to increase production to more than 500K boe/day by 2033 from nearly 90K currently, the company's Brazil VP Lars Jetlund Hansen said at an energy event in Rio de Janeiro, according to Reuters.

The VP pointed to Brazil's Bacalhau field, part of the Santos Basin, as the company's main bet for local production growth over the next few years; Equinor ( EQNR ) acquired a majority stake in the offshore field in 2016 and expects to begin pumping mostly light crude from it in 2025.

Equinor ( EQNR ) also is exploring opportunities in renewable energy in Brazil, Hansen said, touting strong potential in solar and offshore wind projects.

Earlier this year, Equinor ( EQNR ) and Petrobras agreed to evaluate seven offshore wind projects in Brazil that would deliver a combined capacity of 14.5 GW of power.

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