Equinor and its partners have decided to invest about $9 billion to develop the BM-C-33 gas and condensate discovery off Brazil Norwegian company said on Monday.

The field which is estimated to hold more than one billion barrels of recoverable oil equivalent is expected to start production in 2028.

“Gas exported from the project could represent 15% of the total Brazilian gas demand at start-up,” Equinor said in a statement.

“Its development will also contribute to the energy security and economic development, enabling a lot of new job opportunities locally,” it added.

Gas from the offshore field will be directly injected into the national gas grid via a 200 kilometres pipeline landing at the city of Macae in the state of Rio de Janeiro.

Oil liquids are planned to be offloaded by shuttle tankers.

Equinor has a 35% stake in the project, while Repsol Sinopec REP.MC600028.SS holds 35% and Petrobras PETR4.SA the remaining 30%.
Source: Reuters (Reporting by Nerijus Adomaitis, editting by Terje Solsvik)