ExxonMobil has started oil production at the Bacalhau field, marking its first upstream output in Brazil and a new phase in the country’s deepwater development. The achievement comes more than 110 years after the U.S. energy major first began operations in Brazil.
The Bacalhau field, operated by Equinor in partnership with ExxonMobil Brasil, Petrogal Brasil, and PPSA, lies 185 kilometers off the coast in ultra-deep waters exceeding 2,000 meters. Phase 1 of the project targets over one billion barrels of oil equivalent, with a production capacity of 220,000 barrels per day.
Saipem secures US$1.9 billion in contracts with ExxonMobil Guyana and Equinor in Brazil | OilNOW
“Bacalhau is a significant milestone for ExxonMobil,” Dan Ammann, President of ExxonMobil Upstream Company, said in a recent announcement. “It marks our first upstream production in Brazil after more than 110 years doing business in the country. With recoverable reserves exceeding 1 billion barrels and a production capacity of 220,000 barrels per day, Bacalhau is a world-class development and a key investment in our future.”
The field is developed using the FPSO Bacalhau, one of the most advanced floating production, storage and offloading vessels in the world. It features high-pressure gas compression and combined-cycle power generation systems.
ExxonMobil to prioritize spending on “advantaged assets” in Guyana, USA and Brazil | OilNOW
As the first greenfield pre-salt development in Brazil operated by an international company, Bacalhau represents a strategic milestone for both ExxonMobil and the country’s energy industry. It is expected to drive technological advancement, bolster economic growth, and strengthen Brazil’s role in the global deepwater oil market.
ExxonMobil Brasil holds a 40% stake in the project and will manage the offloading and transportation of its crude share. Equinor also holds 40%, with Petrogal Brasil owning 20%.
