The FPSO Bacalhau, situated in a field with over one billion barrels of estimated recoverable reserves, is set to contribute approximately 40,000 barrels of oil daily to Galp’s total production when the unit reaches its plateau. This marks an increase of more than 30% compared to Galp’s current output, positioning the company as the fifth largest oil and gas producer in Brazil, the company announced in a statement.
The Norwegian company Equinor leads the Bacalhau project in Brazil’s pre-salt Santos Basin, holding a 40% stake as the operator, alongside ExxonMobil, which also holds 40%. Galp holds 20% of the project through Petrogal Brasil, a joint venture with Sinopec (Galp 70% | Sinopec 30%), with Pré-Sal Petróleo SA also as a partner.
This is Galp’s 13th unit deployed in Brazil’s pre-salt since 2010, a vessel measuring 370 meters in length and 64 meters in width, located 185 kilometers from Ilhabela (São Paulo) in ultra-deepwaters exceeding 2,000 meters in depth.
The company states that this project will create approximately 50,000 jobs over its 30-year lifespan, with 3,000 generated during the development phase.
“Bacalhau also underscores our commitment to executing high-value projects for the company, its shareholders, and Brazil,” stated Galp Brasil’s CEO, Paula Pereira da Silva, as noted in the statement.
In June 2021, Galp announced via a statement to the Comissão do Mercado de Valores Mobiliários (CMVM) that it was part of a consortium investing $8 billion (€6.54 billion) in the development of phase 1 of the Bacalhau oil field, described as a high-quality carbonate reservoir containing light oil with minimal contaminants, with the “first oil” planned for 2024.
“This will be one of the largest FPSOs in Brazil, with a production capacity of 220,000 barrels per day and two million barrels of storage,” Galp highlighted, noting significant efforts to reduce production phase emissions, including the implementation of a combined cycle gas turbine system to enhance plant energy efficiency, which provides efficient electric power generation and flexible heat supply.
