BM-C-33

The BM-C-33 oil and gas project is a significant development located in the pre-salt region of the Campos Basin, offshore Brazil.

Location and Geology

The project is situated approximately 200 km from the shore, in water depths of up to 2,900 meters.
It is located in the southern part of the Campos Basin, offshore Rio de Janeiro, Brazil.
The field features complex reservoirs with heterogeneous silicified carbonate formations, including vugs, caverns, and fractures.

The discoveries were made by Repsol Sinopec in 2010 and include the Pão de Açúcar, Gávea, and Seat accumulations.
The project is operated by Equinor with a 35% interest, while Repsol Sinopec Brasil holds 35%, and Petrobras holds 30%.

The field is estimated to contain recoverable reserves of more than one billion barrels of oil equivalent (boe), including both natural gas and oil/condensate.
The project is expected to produce approximately 126,000 barrels of crude oil per day and 16 million standard cubic meters of gas per day, with average gas exports projected at 14 million standard cubic meters per day.

The development plan includes a floating production, storage, and offloading (FPSO) unit capable of processing both gas and oil/condensate to sales specifications without further onshore processing.
The FPSO, to be delivered in 2027, will be constructed by MODEC and will feature a combined-cycle system for power generation to reduce carbon emissions.
MODEC will also be responsible for the operations and maintenance of the FPSO for the first year after the start of production.

The well streams will be tied to the FPSO vessel, and the processed crude will be offloaded by shuttle tankers and transported to the international market via ship-to-ship transfers.
The gas processed at the FPSO will be transported via a 200 km offshore gas pipeline to the Petrobras TECAB complex at Cabiúnas in Macaé, Rio de Janeiro, and then integrated into the domestic gas transmission network.

The project aims to achieve a carbon intensity target of less than 6 kg/boe over the field's lifetime, significantly lower than the global industry average of 16 kg CO2 per barrel.
The use of combined-cycle gas turbines on the FPSO will help in reducing carbon emissions by exploiting excess heat that would otherwise be lost.

Equinor has awarded major contracts to TechnipFMC for the subsea umbilicals, risers, and flowlines (SURF) and to MODEC for the FPSO vessel.
Baker Hughes was subcontracted by MODEC to provide gas technology equipment, including LM2500 gas turbine generators and steam turbine generator technology for the FPSO’s combined cycle power generation solution.

The final investment decision for the project was taken in May 2023, with an estimated investment of approximately $9 billion.
Production is expected to start in 2028.

The BM-C-33 project is expected to deliver up to 15% of Brazil’s entire gas needs at startup, making it a significant contributor to the country's energy security and industrial development.