Equinor, Repsol Sinopec and Petrobas are to invest about US$9 billion in exploiting an offshore gas and condensate field (named BM-C-33) within Brazilian waters, Equinor has announced.

The field is estimated to hold more than one billion recoverable barrels of oil equivalent, and production is pencilled in to begin in 2028. The field could produce up to 15% of total Brazilian demand, with a 200 km pipeline connecting the production facility to the national grid, near the city of Macae in the state of Rio de Janeiro. Oil collected in the project will be shipped. Equinor and Repsol Sinopec are to hold 35% stakes in the project, while Petrobas will hold 30%.

The project is another sign that the demand for fossil fuels is expected to be strong in the medium-long term, with the high tension between such demand and climate targets continuing.