Equinor Awards Valaris USD 498 Million Contract for Raia Project, Promising Significant Economic and Energy Impact in Brazil

Drilling Operations to Commence in 2026

The drilling activities under this contract are scheduled to begin in 2026, with the ambitious goal of drilling six wells leading up to the start of production in 2028. The overall contract value is estimated at USD 498 million, encompassing a gap period, mobilisation, modifications, and integrated services. Notably, during the gap period between the current scope for the Bacalhau field and the commencement of the Raia project, the drillship may be available for alternative work. The contract also includes two additional options.

A Significant Gas Project in Brazil

Raia is recognized as one of the most significant gas projects currently under development in Brazil. Located in water depths of up to 2900 meters, it boasts natural gas and oil/condensate recoverable reserves exceeding one billion barrels of oil equivalent (boe).

Mette H. Ottøy, Equinor’s Chief Procurement Officer, expressed satisfaction with securing the drillship for the Raia project. “We will be working together to achieve safe and efficient operations, and we look forward to strengthening our cooperation with Valaris. We will be building on our experiences from Bacalhau in the next years to come,” said Ottøy.

Advanced Drilling Capabilities

The ultra-deepwater drillship, DS-17, is capable of operating in water depths of more than 3600 meters, making it a critical asset for the success of the Raia project.

Additional Service Agreements

In addition to the drilling contract, Equinor has awarded agreements worth around USD 109 million for drilling and well services to SLB, Baker Hughes, and Halliburton. These awards build on Equinor’s global collaboration and experience with these suppliers, ensuring safe and efficient drilling and well operations for the Raia project. SLB will serve as the main service supplier, with Baker Hughes and Halliburton providing complementary services.

Economic and Energy Impact

The Raia project is set to become a key contributor to the development of the Brazilian gas market, potentially providing up to 15% of the country’s total gas demand once operational. The project is also expected to enhance local energy security and stimulate economic development, creating up to 50,000 direct and indirect jobs throughout its lifespan.

“Raia is part of the next generation of projects in the Equinor portfolio. It will have significant value for the owners while contributing locally with significant ripple effects. Our purpose is to keep bringing energy for people and progress for society, always searching for better technologies, partnerships, and solutions,” stated Veronica Coelho, Equinor’s Country Manager in Brazil.

Project Partners

The Raia project is a collaborative effort, with Equinor holding a 35% stake as the operator, Repsol Sinopec Brasil owning 35%, and Petrobras holding the remaining 30%.

This strategic collaboration underscores the importance of the Raia project in advancing Brazil’s energy landscape and supporting the country’s economic growth.

Facts about Raia

• Partners: Equinor 35% (operator), Repsol Sinopec Brasil 35%, Petrobras 30%
• Discovery: Made by Repsol Sinopec in 2010
• Operator: Equinor since 2016
• Location: Campos Basin pre-salt, Brazil, approximately 200 km from shore, water depths up to 2900m
• Reserves: Recoverable natural gas and condensate exceeding 1.0 billion barrels of oil equivalent (boe)
• Gas Export Capacity: 16 MSm³/sd, representing 15% of Brazilian gas demand at start-up
• FPSO Capacity: Approximately 126,000 bpd