Under the terms of the deal signed last year, Equinor agreed to sell a 36.5% interest in BM-S-8 to ExxonMobil and a further 3% interest to Galp.

With the completion of the deal, Equinor’s operated interest in BM-S-8 is 36.5% while ExxonMobil and Galp have 36.5% and 17% stakes, respectively. The remaining 10% stake is held by Barra Energia.

Equinor Brazil country manager Anders Opedal said: “Carcará is a world class asset and has strengthened our position in Brazil, one of Equinor’s core areas due to its large resource base and excellent fit with our technology and capabilities.

“Our focus is to clarify the resource potential for the entire Carcará area and to mature a field development with an ambition to deliver first oil from the unitised field between 2023 and 2024.”

The BM-S-8 block, which is located approximately 200 miles offshore Rio de Janeiro, contains part of the Carcara oil field. The field is scheduled to commence production in 2023 or 2024.

ExxonMobil Upstream Ventures president Brad Corson said: “The Carcara oil field is an excellent example of the quality resources to be found offshore Brazil.

“We’ll be working with our partners to explore and develop these shared blocks, and contributing our deepwater technology and expertise to further enhance the value of this world-class resource.”

According to Equinor estimates, the entire structure across BM-S-8 and Carcará North holds more than two billion recoverable barrels of oil equivalent.

The firm said there is upside potential including in the Guanxuma prospect within the BM-S-8 block where drilling operations have already begun.

Equinor-led consortium won the production sharing contract for the Carcará North block in Brazil’s second pre-salt offshore licensing round in 2017.