Equinor and its partners have made a final investment decision (FID) to develop the BM-C-33 gas and condensate project in the Campos Basin, Brazil with an investment of around $9bn.
The BM-C-33 project involves the development of three different pre-salt discoveries, namely Pão de Açúcar, Gávea, and Seat. The discoveries contain natural gas and oil/condensate recoverable reserves of more than one billion barrels of oil equivalent.
Equinor holds an operating stake of 35% in the BM-C-33 gas and condensate project. Its partners are Repsol Sinopec Brasil and Petrobras with stakes of 35% and 30%, respectively.
Repsol Sinopec made the discoveries in 2010 and in 2016, Equinor became the operator.
The development concept chosen for the offshore Brazilian gas and condensate project is based on a floating production storage and offloading unit (FPSO), which is slated to begin production in 2028.
The vessel will be able to process gas and oil/condensate and specify these for sale without involving any further processing onshore as it will be connected to the national grid.
According to Equinor, the production capacity of the FPSO is 16 million cubic meters of gas per day. Its average exports are estimated at 14 million cubic meters of gas per day.
Equinor projects, drilling, and procurement Geir Tungesvik said: “The final investment decision of BM-C-33 is an important milestone for the partners and for Equinor.
“Together with partners and suppliers we have developed a significant project which will provide Brazil with energy to meet its growing energy demands and create value for owners and society, contributing to local industrial development. Brazil is one of Equinor’s core areas and the investment in BM-C-33 emphasises the strategic importance of our Brazilian portfolio.”
The sales gas from the FPSO is intended to be exported via a 200km long subsea gas pipeline from the vessel to Cabiúnas in Macaé city in Rio de Janeiro state. Liquids produced by the FPSO are expected to be offloaded by shuttle tankers.
In July 2022, Equinor awarded an integrated front end engineering and design (iFEED) contract to TechnipFMC for the BM-C-33 gas and condensate project. The contract, which is worth over $1bn, calls for the delivery of the entire subsea system equipment.