Deepens position offshore Brazil

Equinor has expanded its portfolio in Brazil’s prolific Campos and Santos basins offshore Brazil.

Equinor deepens position in the pre-salt area offshore Brazil after winning the Uirapuru and Dois Irmãos blocks in the 4th Production Sharing Bidding Round in Brazil.

Equinor, ExxonMobil and Petrogal Brasil presented the winning bid (75.49% profit oil) for the Uirapuru production sharing contract in the Santos basin. Petrobras exercised its right to enter the consortium and will be the operator with 30% equity.

The final equity distribution is Petrobras (30% operator), Equinor (28%), ExxonMobil (28%) and Petrogal Brasil (14%). The pre-determined signature bonus to be paid by the bidding consortium is BRL 2,65 billion (approximately USD 682** million). The Uirapuru exploration block is located in the Santos basin, north of the BM-S-8 (Carcará discovery) and North Carcará blocks, both operated by Equinor.

A consortium comprising Equinor (25%), Petrobras (45%, operator) and BP (30%) were the high bidders (16.43% profit oil) for the Dois Irmãos producing sharing contract in the Campos basin. The pre-determined signature bonus to be paid by the bidding consortium is BRL 400 million (approximately USD 103**million). The Dois Irmãos block sits adjacent to an area where Equinor with partners were awarded four high potential blocks in the 15th licensing round in March.

“We are very pleased with the opportunities secured in the 4th PSA round,” says Tim Dodson, Equinor’s executive vice president for exploration.

“The prolific basins offshore Brazil represents world class exploration acreage. The results from this and previous bid rounds have added highly prospective acreage to Equinor’s exploration portfolio, allowing us to maintain a significant activity and pursue high value prospects in Brazil in the years ahead,” says Dodson.

“The outcome of this round further strengthens our position in Brazil, considered as a core area for Equinor. We are looking forward to working with our partners, the Brazilian authorities and Pré-sal Petróleo S.A. on the development of these new blocks. We have been increasing our investments in the country in the last two years and our expectation is that this will represent more jobs, taxes and, in the future, royalties that will benefit local communities,” says Anders Opedal, Brazil’s country manager.

This adds to Equinor’s existing portfolio in the Brazilian pre-salt area, which includes BM-S-8 and Carcará North, both in Santos basin, and the BM-C-33 in the Campos basin, containing the Pão de Açúcar discovery.

** Based on exchange rate from Bloomberg 7 June 2018 for BRL/USD = 0.2573

Equinor assets in Brazil

ASSET LOCATION INTEREST STATUS
Peregrino field Campos Basin 60% (operator) Production at around 70,000-80,000 barrels a day (100% basis)

Reserves of 300-600 million barrels of oil

Peregrino Phase II Campos Basin 60% (operator) Construction

Production from 2020 at around 60,000 barrels a day (100% basis)

Reserves of around 255 million barrels of oil

Roncador field Campos Basin 25%* Production at 70,000 barrels of oil equivalent per day (Equinor equity)
Block BM-C-33 (including the Pão de Açúcar discovery) Campos Basin 35% (operator) Evaluation/development

Around 1bn boe in recoverable reserves.

Four exploration blocks acquired in the 15th bidding round Campos Basin Non-operated Contracts to be signed
Ten exploration blocks Espírito Santo Basin Six operated by Equinor Exploration
Block BM-S-8 (comprising the Carcará discovery and exploration prospects) Santos Basin 36.5% (operator) Appraisal and exploration
Carcará North Block Santos Basin 40% (operator) Exploration
Apodi solar project Quixeré, Ceará State 43.75% Under construction* Pending ANP’s approval.

* Pending ANP’s approval.

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