Equinor has been awarded a new exploration opportunity in Brazil, providing the potential for deepening the company’s position in the country. Equinor has deepened its position in the Santos basin after winning the S-M-1617 block during Brazil's 5th Open Permanent Concession bid round.
'We are pleased with our success in today’s bidding round, securing a new exploration opportunity in Brazil – a core country in our international portfolio. The license is in close proximity to the S-M-1378 block we already own, an area with strong potential that we can leverage to reinforce our position in the Santos basin. This award provides us with longevity options for Brazil and demonstrates our continuous commitment and appetite to grow in the country,' says Veronica Coelho, Senior Vice President and Brazil Country Manager.
The S-M-1617 license in Brazil was secured by Equinor on a 100% basis with a total signature bonus of around 30.5 million Brazilian Real (around 5.5 MUSD).
The block is located 60 kms away from the S-M-1378 block already owned by Equinor. This is an addition to our existing opportunity set in Brazil and demonstrates the company’s continued commitment and growth ambition in the country. Equinor will now work to conduct necessary geological and geophysical assessments for future exploration activities.
Facts about Brazil:
- Equinor as an international operator has been present in Brazil for more than two decades and sees the country as a core area for long-term growth.
- The S-M-1617 license is located in the Santos basin, 400 kilometres off the coast, in water depths up to 2600 metres.
- Equinor is progressing as an operator of the Bacalhau and Raia projects, in the Santos and Campos basins respectively.
- Beyond oil and gas, Equinor is expanding investments into renewable energy with onshore assets already in operation and more projects under development through its subsidiary Rio Energy.
Source: Equinor
