BAKU, Azerbaijan, June 18. Equinor has secured a new exploration license in Brazil, reinforcing its position in the country’s offshore oil and gas sector, Trend reports.
The company won the S-M-1617 block in the Santos Basin during Brazil’s 5th Open Permanent Concession bidding round.
The license was awarded to Equinor on a 100% basis, with a signature bonus of approximately 30.5 million Brazilian Reais (around 5.5 million USD). The newly acquired block is located about 60 kilometers from the S-M-1378 block, which Equinor already operates.
“We are pleased with our success in today’s bidding round, securing a new exploration opportunity in Brazil – a core country in our international portfolio,” said Veronica Coelho, Senior Vice President and Brazil Country Manager. “The license is in close proximity to the S-M-1378 block we already own, an area with strong potential that we can leverage to reinforce our position in the Santos basin.”
Equinor stated that the award supports the company’s long-term plans in Brazil and aligns with its strategy to grow its presence in key international markets. The company will now proceed with geological and geophysical studies to assess the potential of the newly acquired block.