Petrobras informs that it has approved, together with its partners Equinor and Repsol Sinopec Brasil, the final investment decision (Phase III) of block BM-C-33, operated by Equinor, located in the pre-salt of Campos Basin, in the state of Rio de Janeiro. The block is about 200 km offshore and has water depths of up to 2,900m. In BM-C-33 three gas and oil/condensate accumulations were discovered: Pão de Açúcar, SEAT and Gávea.

The project is based on production by wells connected to an FPSO (floating production, storage and offloading unit), with capacity to process produced oil/condensate and gas and specify them for sale. The transfer of the oil/condensate follows the model already adopted in the offshore systems, and the natural gas will be exported to the coast through a subsea pipeline that will connect to a receiving infrastructure located at the Cabiúnas Terminal - TECAB, and then connect to the gas transportation network.

The FPSO's oil/condensate processing capacity will be 20,000 m3/day and the gas production and export capacity will be 16 million m3/day, with an average natural gas export flow of about 14 million m3/day. Oil and gas reserves of over 1 billion barrels of oil equivalent (boe) are expected to be recovered.

Start-up is scheduled for 2028. The partnership for the development of this concession is composed by Equinor (35% - operator of the Block), Repsol Sinopec Brasil (35%) and Petrobras (30%).

About Petrobras

Petrobras has upwards of 100 production platforms, 16 refineries, 30,000 kilometers of pipelines and more than 6,000 service stations. Our proved reserves are around 14 billion barrels of oil, a figure expected to double in the next few years. With the discovery of oil and gas in the pre-salt region, Brazil may become the world's fourth biggest oil producer in 2030.

We have built a track record of overcoming challenges since 1953, when the company was created. The main one was developing technology to explore and produce oil in deep and ultra-deep waters, where upwards of 90% of our reserves are nestled. With innovation and daringness, we are now the Brazilian company that makes the applies for the most patents in Brazil and abroad.

About Equinor

Equinor (OSE:EQNR, NYSE:EQNR), is an international energy company with a proud history. Formerly Statoil, we are 20,000 committed colleagues developing oil, gas, wind and solar energy in more than 30 countries worldwide. We’re the largest operator in Norway, among the world’s largest offshore operators, and a growing force in renewables. Driven by our Nordic urge to explore beyond the horizon, and our dedication to safety, equality and sustainability, we’re building a global business on our values and the energy needs of the future.

About Repsol Sinopec

Repsol Sinopec Resources UK is an oil and gas exploration and production company operating in the North Sea.

The company is a joint venture between Repsol and Addax Petroleum UK Limited, a wholly-owned subsidiary of China Petrochemical Corporation (Sinopec Group). It arose from the acquisition, in 2015, by Repsol, of the global assets of the former Talisman Energy Inc, including its 51% equity interest in the joint venture, previously called Talisman Sinopec Energy UK.