Equinor and its partners achieved start-up of production from the Bacalhau field in Brazil on October 15, 2025. The project partners include ExxonMobil Brasil, Petrogal Brasil (JV Galp|Sinopec), and Pré-sal Petróleo SA (PPSA). With recoverable reserves exceeding 1 billion barrels of oil equivalent (boe), Bacalhau represents the largest international offshore field ever developed by Equinor.

Anders Opedal, President and CEO of Equinor, described the start-up as a major milestone, stating that “Bacalhau represents a new generation of projects that bring together scale, cost-efficiency and lower carbon intensity.”

Field Location and Infrastructure

The Bacalhau field is located in the pre-salt region of Brazil's Santos Basin in ultra-deep water exceeding 2,000 meters. The field features one of the most modern Floating Production Storage and Offloading vessels (FPSO) in the world, measuring 370 meters in length and 64 meters in width. The FPSO has a production capacity of 220,000 barrels of oil per day (bpd).

MODEC serves as the FPSO contractor and will operate the unit for the initial phase. Following this initial period, Equinor plans to operate the Bacalhau facilities until the end of the license period.

Development Phases and Production Timeline

Phase 1 development consists of 19 wells, including both producers and injectors, which will be brought online in sequence during the ramp-up phase to sustain production. Equinor indicated it will be positioned to provide an update in 2026 during the ramp-up phase. The project recorded around 70 million hours of work with solid safety results. Geir Tungesvik, Executive Vice President, Projects, Drilling and Procurement, emphasized that “with its size, water depth and lower carbon intensity, Bacalhau is a testament to our engineering capabilities and ability to operate internationally.”

Environmental Technology and Carbon Intensity

The Bacalhau FPSO incorporates combined-cycle gas turbines (CCGT), a technology that significantly reduces carbon intensity. The field has an expected CO2 intensity of around 9 kg per boe, with advanced abatement across flaring, processing, power generation, and storage. According to Equinor, the field sets a new benchmark for cost-efficient and lower emission deepwater production. Opedal noted that the development strengthens “the longevity of our oil and gas production and securing value creation for decades to come.”

Economic Impact and Strategic Importance

Philippe Mathieu, Executive Vice President for Exploration and Production International, identified Brazil as a core area for Equinor. He stated that Bacalhau will be a major contributor to Equinor's goal of generating more than 5 billion dollars of free cash flow by 2030 from the company's international portfolio. The project is expected to deliver positive economic effects to Brazil's economy, creating approximately 50,000 jobs over its 30-year lifetime.

Mathieu emphasized the long-term benefits the field will provide to the Brazilian economy through this extended operational period.

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