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Discovered in 2012, and acquired from Petrobras in 2016, 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 from Carcará (including Carcará North) to be above 2 billion boe.
At the end of 2017, we successfully bid, together with Exxon and Galp, for the Carcará North area which will be under a Production Sharing Agreement. Following the award, Equinor, Exxon and Galp have agreed a number of transactions in the adjacent BM-S-8 block to align equity interests across the two blocks that together comprise the Carcará discovery. These transactions help to build a strong partnership across the two licences and pave the way for a timely unitization process. They support our ambitious plan to reach first oil production from the unitized field in 2023-2024.
In 2018, Equinor's exploration and appraisal activities will be concentrated in these two blocks. We will carry out a DST on the Carcará discovery and drill the Guanxuma prospect in the BM-S-8 block. If we get the necessary regulatory approvals and agreement in the partnership we will consider well options in Carcará North.