A floating production storage and offloading vessel (FPSO), recognized as one of the largest and most advanced globally, has commenced oil production in Brazil’s Bacalhau field. Equinor, the Norwegian energy company, marked this achievement as a significant milestone in its Brazilian operations, with the FPSO Bacalhau starting crude flow on October 15. This field, located in the pre-salt region of the Santos Basin, is the largest offshore development by Equinor outside Norway, boasting recoverable reserves of over one billion barrels of oil equivalent.
Equinor took over operations in 2016 after Petrobras discovered crude in the Bacalhau field in 2012. Collaborating with partners ExxonMobil Brasil, Petrogal Brasil, and Pré-sal Petróleo SA, the company highlights this project as a new generation of oil and gas developments that prioritize scale, cost-efficiency, and reduced carbon emissions. The FPSO, measuring 370 meters in length and permanently moored at a depth of around 2,050 meters, is designed to produce up to 220,000 barrels of crude oil daily, with a storage capacity of two million barrels.
Constructed by MODEC, the FPSO incorporates advanced technology, including a gas turbine combined cycle that minimizes carbon intensity to approximately nine kilograms of CO2 per barrel, half the industry average. Equinor has invested $8 billion in Bacalhau Phase 1, which includes a drilling campaign with 19 wells and is expected to generate around 50,000 jobs over its 30-year lifespan.
Anders Opedal, Equinor’s President and CEO, emphasized that Bacalhau represents a new era of projects that enhance the sustainability and longevity of oil production. The FPSO’s successful start-up is crucial for Equinor’s goal of generating over $5 billion in free cash flow by 2030. With MODEC operating the FPSO during the initial phase, the collaboration marks a significant step in Brazil’s oil and gas sector, reinforcing MODEC’s position with its ninth FPSO in the pre-salt region.
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