The Bacalhau field, operated by Equinor in the Santos Basin pre-salt, reached first oil on October 15, at 10:56 p.m. Rio de Janeiro time, marking the official start of production at one of the largest deepwater projects in the world.
The asset is the company's largest international offshore field, with estimated recoverable reserves of more than 1 billion barrels of oil equivalent and the participation of ExxonMobil Brasil, Petrogal Brasil and Pré-sal Petróleo SA (PPSA).
With a water depth of more than 2,000 meters, Bacalhau consolidates Brazil as a strategic area for Equinor's international expansion in the exploration and production segment. The start of production represents the transition from the development cycle to a phase of long-term cash generation, supported by infrastructure designed to operate for about three decades.
FPSO Bacalhau and production capacity
First oil was achieved from the FPSO Bacalhau, a floating production, storage and offloading unit that is 370 meters long and 64 meters wide, with the capacity to produce up to 220,000 barrels of oil per day. The unit, supplied and initially operated by MODEC, is installed approximately 185 kilometers off the coast of São Paulo, in an ultra-deepwater environment.
In phase 1 of the development, 19 wells are planned, including producers and injectors, which will be connected progressively as the field advances through the ramp-up stage. Equinor indicates that it intends to update the market on production performance during 2026, as the production curve stabilizes at levels close to plateau.
First oil with lower carbon intensity
The Bacalhau project was designed to combine production volume with lower carbon intensity from first oil. The FPSO uses combined cycle gas turbines (CCGT) for onboard power generation, a solution that contributes to an estimated CO₂ intensity of about 9 kg per barrel of oil equivalent, below the deepwater industry average.
In addition to more efficient power generation, the field incorporates abatement measures in flaring, processing and storage, aligning the arrival of first oil with the gradual decarbonization targets of Equinor's international portfolio. This positioning reinforces Bacalhau as a technology showcase for future pre-salt projects focused on lower emissions.
Economic and strategic relevance of the milestone
First oil at Bacalhau is seen by Equinor as a key step toward its goal of generating more than 5 billion dollars of free cash flow from its international portfolio by 2030. Over its service life, the field is expected to support the creation of tens of thousands of direct and indirect jobs in the oil and gas chain, especially in services, logistics and supply linked to the pre-salt.
With the start of production, Bacalhau reinforces Brazil's role as Equinor's main growth hub outside Norway and consolidates the country as a global reference in ultra-deepwater projects. The first oil milestone is therefore not only technical, but also strategic for the company's long-term presence in the Brazilian market.