In Brazil, Equinor Aims To Repeat Norway’s Oil Boom

Norway’s Equinor will invest up to $15 billion in Brazil over the next 12 years to develop oil, gas and renewable energy sources, the company said Aug. 29.

Coinciding with an expected drop in output from many aging oil fields off the cost of Norway, Brazil is expected to become a core region for Equinor as the firm takes advantage of the country’s opening in recent years to more foreign investment.

The company plans to raise its Brazilian output to between 300,000 and 500,000 barrels of oil equivalent per day (boe/d) by 2030, from 90,000 boe/d today by developing new fields, including the giant Carcara discovery.