Bacalhau and Bacalhau Norte (formerly Carcara) Report

Asset Report 11 July 2025

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Report summary

Bacalhau and Bacalhau Norte are a single large pre-salt accumulation located in Brazil's Santos basin. Equinor took the final investment decision in June 2021 and production is expected to start-up in 2025. Our reserves estimate for the Bacalhau discovery, including its extension into the Norte de Bacalhau block, is 2 billion barrels of oil equivalent (Bacalhau Norte contains 52% of the reserves and Bacalhau field the remaining 48%). For a full analysis, please assess Bacalhau and Bacalhau Norte models together.

Summary
Key Issues
- Bacalhau FPSO arrives in Brazilian waters
- Development concept and phases
- Final investment decision (FID)
- Challenging full-cycle economics for Bacalhau Norte
- High-pressure reservoir presents challenges
History
Local content
Unitisation
Gas
- Wells
Oil
Gas
Operating costs
Oil
Gas
Cash flow
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