Bacalhau Starts Pumping as Equinor, ExxonMobil and Galp Expand Brazil Bets

Deepwater project marks the largest international field operated by Equinor, producing 220,000 barrels a day in Brazil’s pre-salt basin.

Oct 16, 2025 9:36 AM

Bacalhau FPSO in Brazil. Equinor, Exxon, Petrogal, energy, oil

By Brazil Stock Guide – Equinor ASA (EQNR), ExxonMobil Brasil, Petrogal Brasil (a Galp–Sinopec JV), and state-run Pré-Sal Petróleo S.A. (PPSA) began oil production at the Bacalhau field on the night of October 15, 2025, marking one of the largest foreign-led operations ever launched in Brazil’s pre-salt basin.

Discovered by Petrobras in 2012 and transferred to Equinor’s operatorship in 2016, the field now anchors the Norwegian company’s biggest international project, with recoverable reserves exceeding one billion barrels of oil equivalent and an expected 50,000 jobs over its 30-year lifespan.

Located about 185 kilometers off São Paulo’s coast, Bacalhau is operated under a production-sharing regime with the following stakes: Equinor (40%, operator), ExxonMobil Brasil (40%), Petrogal Brasil (20%), and PPSA representing the government’s share. The FPSO Bacalhau, one of the world’s largest — 370 meters long and 64 meters wide — will produce 220,000 barrels of oil per day and can store up to 2 million barrels. Built and initially operated by Japan’s MODEC, the vessel embodies the blend of global engineering and capital now defining Brazil’s energy frontier.

“This is not only a milestone for Equinor and our partners, but for Brazil as well,” said Veronica Coelho, Equinor’s Brazil country manager. “Bacalhau is a testimony to world-class engineering and our long-term partnership with the country’s energy sector.”

The $25 billion investment — Equinor’s largest outside Norway — underscores the confidence of foreign majors in Brazil’s regulatory stability and pre-salt productivity. For ExxonMobil, Bacalhau is its first producing oil project in Brazil, while Galp, through Petrogal Brasil, reaffirmed its commitment to the basin as a strategic growth hub. PPSA noted that Bacalhau is the first pre-salt field in Brazil operated by a foreign company, underscoring how international players now lead in both capital and technology.

Beyond output, Bacalhau’s design sets a new benchmark for low-carbon production. Its combined-cycle gas turbines are expected to keep CO₂ intensity near 9 kilograms per barrel, roughly half the industry average. For Brazil, the start of Bacalhau signals both continuity and transformation — the pre-salt remains the country’s economic backbone, but now with a distinctly global accent.