Equinor and partners announce final investment decision for BM-C-33, in Brazil

08 May 2023

Equinor (operator), Repsol Sinopec Brasil and Petrobras have taken the investment decision to develop the BM-C-33 project in Brazil. The investment is of approximately USD 9 billion.

Located in the Campos Basin, BM-C-33 comprises three different pre-salt discoveries - Pao de Acucar, G√°vea and Seat - containing natural gas and oil/condensate recoverable reserves above one billion barrels of oil equivalent.

The concept selected for BM-C-33 is based on an FPSO (Floating production storage and offloading unit), capable of processing gas and oil/condensate and specifying these for sale without a need for further onshore processing.

The FPSO's production capacity is of 16 million cubic meters of gas per day with average exports expected of 14 million cubic meters of gas per day. Start-up is planned in 2028.

"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 emphasizes the strategic importance of our Brazilian portfolio," says Geir Tungesvik, executive vice president for Projects, Drilling & Procurement.

"BM-C-33 is one of the main projects in the country to bring new supplies of domestic gas, being a key contributor to the further development of the Brazilian gas market. Gas exported from the project could represent 15% of the total Brazilian gas demand at start-up. Its development will also contribute to the energy security and economic development, enabling a lot of new job opportunities locally," says Veronica Coelho, Equinor's Country Manager in Brazil.

Technology and low carbon initiatives driving the project
BM-C-33 will be Equinor's second FPSO in Brazil using combined cycle gas turbines, significantly reducing carbon emissions during operations.

The technology will also be applied in Bacalhau, in the Santos Basin, and it combines a gas turbine with a steam turbine to take advantage of the excess heat that would otherwise be lost. By implementing this technology, the average CO2 intensity of BM-C-33 over its lifetime will be lower than 6 kilos per barrel of oil equivalent.

BM-C-33 will be the first project in Brazil to treat the gas offshore and be connected to the national grid without further onshore processing. The sales gas is planned to be exported through a 200 kilometres offshore gas pipeline from the FPSO to Cabiunas, in the city of Macaé, in the state of Rio de Janeiro. Liquids are planned to be offloaded by shuttle tankers.

Facts about BM-C-33
• Partners: Equinor 35 % (operator), Repsol Sinopec Brasil 35 %, Petrobras 30%
• Discoveries were made by Repsol Sinopec in 2010
• Equinor became the operator in 2016
• The block is located in the Campos Basin pre-salt in Brazil
• The license is located approximately 200 km from shore, in water depths up to 2900 m
• It contains recoverable natural gas and oil/condensate of above 1.0 bn boe
• Gas export capacity is 16 MSm3/sd. It can represent 15% of the Brazilian gas demand at start-up
• FPSO capacity is approximately 126,000 bpd
• Start-up is expected in 2028


Image by Equinor.

Equinor - Press release