By Brazil Stock Guide – Equinor has launched the drilling phase of the Raia project in Brazil’s pre-salt Campos Basin, advancing a $9 billion development that could supply up to 15% of the country’s natural gas demand by 2028. The campaign, executed by offshore contractor Valaris, involves six wells and marks a critical step in moving the project from planning to execution.
Operated by Equinor with a 35% stake, Raia is developed in partnership with Repsol Sinopec Brasil (35%) and Petrobras (30%). The project holds recoverable reserves exceeding 1 billion barrels of oil equivalent, combining natural gas and condensate, and is located about 200 kilometers offshore in water depths of roughly 2,900 meters — underscoring its technical complexity.
The drilling will be carried out by the DS-17 ultra-deepwater rig, capable of operating beyond 3,600 meters, and previously deployed in Equinor’s Bacalhau field in the Santos Basin. The reuse of proven assets reflects a strategy to reduce execution risks in Brazil’s increasingly important offshore portfolio.
Raia’s development concept integrates subsea wells tied back to a floating production, storage and offloading unit (FPSO), designed to process both gas and condensate. The gas will be exported via a 200-kilometer pipeline to the Cabiúnas hub in Macaé, one of Brazil’s main gas processing centers, reinforcing infrastructure links between offshore production and onshore distribution.
Equinor expects the project to deliver one of the lowest carbon intensities in the industry, with emissions estimated at around 6 kilograms of CO₂ per barrel of oil equivalent, well below the global average of approximately 17 kg. The company sees Raia as a cornerstone of its international portfolio and a strategic asset in Brazil’s evolving gas market.
Beyond energy supply, the project is expected to generate up to 50,000 direct and indirect jobs over its lifecycle and is part of Brazil’s federal infrastructure program, Novo PAC. As global energy markets remain volatile, large-scale, lower-emission projects like Raia are gaining prominence among oil majors seeking resilient and competitive assets.
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