Equinor, Petrobras, Repsol Approve $9 Billion Investment in Offshore Oil Field
May 08 2023 - 10:03AM
Dow Jones News
By Jeffrey T. Lewis
SÃO PAULO--Equinor said Monday that it and its partners Petróleo
Brasileiro and Repsol Sinopec Brasil approved a $9 billion
investment in an offshore oil field.
The area, designated BM-C-33, consists of three discoveries
containing recoverable reserves of more than 1 billion barrels of
oil equivalent, Equinor said.
The fields are located about 125 miles off the coast of Rio de
Janeiro state under waters up to 1.8 miles deep, according to
Petrobras, as Petróleo Brasileiro is commonly known. The wells will
be connected to a floating production, storage and offloading unit,
or FPSO, with the capacity to process oil and gas and prepare them
for sale.
The fields should enter production in 2028, Equinor said.
Equinor and Repsol each own 35% of the field, and Petrobras owns
the remaining 30%.
Write to Jeffrey T. Lewis at jeffrey.lewis@wsj.com
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(END) Dow Jones Newswires
May 08, 2023 09:48 ET (13:48 GMT)
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