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The Santos Basin contains one of the most prolific petroleum systems in the world: the pre-salt, with significant discoveries since 2007.
Discovered in 2012, and acquired from Petrobras in 2016, Bacalhau (formerly Carcará) is a pre-salt development located in the Santos basin. The asset will significantly enhance value creation and production in Brazil and internationally.
Furthermore, it is a discovery with world-class oil reserves and very good gas reserves. It was one of the largest discoveries in the world in recent years. Equinor’s estimates the recoverable volumes from Bacalhau, including Bacalhau North, to be above 2 billion boe.
At the end of 2017, we successfully bid, together with Exxon and Galp, for the Bacalhau (formerly Carcará) North area which will be under a Production Sharing Agreement. Following the award, Equinor, Exxon and Galp agreed a number of transactions in the adjacent BM-S-8 block to align equity interests across the two blocks that together constitute the Bacalhau discovery. These transactions helped to build a strong partnership across the two licences and paved the way for a timely unitisation process. They support our ambitious plan to reach first oil production from the unitised field in 2023-2024.
In January 2020, Equinor entered into Front End Engineering and Design (FEED) contracts with early commitments and pre-investments for phase 1 of the Bacalhau (formerly Carcará) area, on behalf of the partners ExxonMobil and Petrogal Brasil. Contractors have been selected for the SURF (Subsea, Umbilical, Risers and Flowlines) and the FPSO (Floating Production, Storage and Offloading) contracts.