Norwegian energy company Equinor expects its Bacalhau oil field platform in Brazil's pre-salt Santos Basin to reach maximum production capacity of 220,000 barrels per day (bpd) within around 12 months, according to the company's Brazil president, Valor reported.

Verônica Coelho told a technical forum held by state-owned PPSA that the field, which represents Equinor's largest international offshore project with recoverable reserves exceeding 1bn barrels of oil equivalent (boe), is currently producing between 20,000 and 25,000 boepd from a single well.

Production is being restricted due to commissioning work on turbines and compressors on the upper section of the platform.

'We are working on two fronts: the continued drilling campaign and the commissioning of the vessel. Our expected timeline [to reach the platform's maximum capacity] is about 12 months,' Coelho said.

Equinor operates Bacalhau with a 40% stake, while ExxonMobil Brasil holds 40%, and Petrogal Brasil, a joint venture between Portuguese company Galp and Chinese company Sinopec, holds the remaining 20%.

State-owned PPSA participates as the federal government's representative under the production-sharing contract.

In its initial development phase, Bacalhau will produce only oil while natural gas is reinjected to maintain reservoir pressure, said Coelho, saying the strategy stems from the company's experience in Norwegian fields, where it has achieved recovery factors of up to 60% in oil and gas fields.

'We do imagine that in the future gas [from Bacalhau] will also be produced. Right now, it's difficult to say when,' she said.

The executive acknowledged the oil price environment for 2026 will likely be 'more challenging than 2025' but said this would not affect the company's planned investments at Bacalhau,

'Offshore projects are like that; you can't just pull the handbrake at any time. So, once it starts, it goes ahead,' Coelho said.

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