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According to Reuters on June 1, Statoil (Equinor), Exxon Mobil and Petrogal Brasil said on Tuesday that they will continue to invest US$8 billion in the development of Brazil’s Bacalhau oil field.
The two companies said in a joint statement that the oilfield is expected to produce oil for the first time in 2024, with a daily output of 220,000 barrels.
Arne Sigve Nylund, Executive Vice President of Norwegian Petroleum, said: "It is estimated that the recoverable reserves in the first phase will exceed 1 billion barrels.
Norwegian Oil said that the break-even cost of the oil field is less than US$35 per barrel, which is about half of the current crude oil market price.
Norwegian Oil and Exxon Mobil each hold 40% of the Bacalhau oil field, and Petrogal Brasil holds 20%.
Compiled by Qiu Yin from Reuters
The original text is as follows:
Equinor and Exxon to develop $8 bln Brazilian oilfield
Equinor (EQNR.
First oil from the field, which will be operated by Norway's Equinor, is expected in 2024, with output set to reach 220,000 barrels per day, the companies said in a joint statement.
"Estimated recoverable reserves for the first phase are more than one billion barrels of oil," said Equinor Executive Vice President Arne Sigve Nylund.
The field has a break even cost of below $35 per barrel, Equinor said, around half the current market price of crude oil.
Equinor and Exxon each hold a 40% stake in Bacalhau, while Petrogal Brasil holds 20%.
