By Jeffrey T. Lewis
SÃO PAULO--Equinor said Monday that it and its partners Petróleo Brasileiro and Repsol Sinopec Brasil approved a $9 billion investment in an offshore oil field.
The area, designated BM-C-33, consists of three discoveries containing recoverable reserves of more than 1 billion barrels of oil equivalent, Equinor said.
The fields are located about 125 miles off the coast of Rio de Janeiro state under waters up to 1.8 miles deep, according to Petrobras, as Petróleo Brasileiro is commonly known. The wells will be connected to a floating production, storage and offloading unit, or FPSO, with the capacity to process oil and gas and prepare them for sale.
The fields should enter production in 2028, Equinor said. Equinor and Repsol each own 35% of the field, and Petrobras owns the remaining 30%.
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(END) Dow Jones Newswires
May 08, 2023 09:48 ET (13:48 GMT)Copyright (c) 2023 Dow Jones & Company, Inc.