Equinor, along with its partners, will spend $9 billion to explore offshore reserves in Brazil

On Monday, Norwegian energy firm Equinor, along with its Brazilian partners Petrobras and Repsol, announced their final decision to invest $9 billion in the BM-C-33 offshore basin in Brazil, which contains over 1 billion barrels of oil equivalent reserves. The project consists of three prospects situated in the Campos Basin, which is rich in resources and located beneath a thick layer of salt on the sea floor. These prospects contain over 1 billion barrels of natural gas and a type of oil known as condensate, which is ultra-light. Brazil has been considered by Equinor as one of its key areas of interest, as it is one of the largest oil and gas producers outside of the Organization of the Petroleum Exporting Countries (OPEC).