Equinor has deepened its position in the Santos basin after winning the S-M-1617 block during Brazil's 5th Open Permanent Concession bid round.
“We are pleased with our success in today’s bidding round, securing a new exploration opportunity in Brazil – a core country in our international portfolio. The license is in close proximity to the S-M-1378 block we already own, an area with strong potential that we can leverage to reinforce our position in the Santos basin. This award provides us with longevity options for Brazil and demonstrates our continuous commitment and appetite to grow in the country,” says Veronica Coelho, Senior Vice President and Brazil Country Manager.
The S-M-1617 license in Brazil was secured by Equinor on a 100% basis with a total signature bonus of around 30.5 million Brazilian Real (around 5.5 MUSD).
The block is located 60 kilometers away from the S-M-1378 block already owned by Equinor. This is an addition to our existing opportunity set in Brazil and demonstrates the company’s continued commitment and growth ambition in the country. Equinor will now work to conduct necessary geological and geophysical assessments for future exploration activities.
