Equinor Picks Valaris for $500 Million Drilling in Brazil

23 Jul 2024 by reuters

The logo of Equinor is set up at the entrance of a building at Western Europe's largest liquefied natural gas plant Hammerfest LNG in Hammerfest, Norway, March 14, 2024. REUTERS/Lisi Niesner/File Photo Purchase Licensing Rights

Equinor (EQNR.OL), opens new tab has awarded a drilling contract in Brazil worth $498 million to Valaris (VAL.N), opens new tab on behalf of partners in the Raia field development project, the Norwegian company said on Monday.

The drilling is expected to start in 2026, Equinor said, adding that six wells were planned, with oil and gas production scheduled to begin in 2028.

The Raia field is operated by Equinor, which has a 35% stake in the project, while Repsol Sinopec Brasil (REP.MC), opens new tab, (600028.SS), opens new tab holds 35% and Brazilian state-run oil firm Petrobras (PETR4.SA), opens new tab owns the remaining 30%.

Equinor also awarded SLB, Baker Hughes and Halliburton contracts for drilling and well services for the project worth around $109 million in total.

Once in operation, Raia is expected to meet up to 15% of total gas demand in Brazil, according to Equinor.

Oil & Gas

Equinor Picks Valaris for $500 Million Drilling in Brazil

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