Equinor Boosts Brazilian Portfolio with New Exploration Block
Deal News | Jun 17, 2025 | Equinor ASA
Equinor ASA has successfully secured a new exploration area in Brazil by acquiring the S-M-1617 block in the Santos basin during the 5th Open Permanent Concession bid round. This development strengthens Equinor's strategic position in Brazil, described by the firm as a core country in its international portfolio. The new block is situated 60 kilometers from Equinor's existing S-M-1378 block, highlighting the potential for leveraging proximity to enhance exploration activities. The acquisition was made on a 100% basis with a signature bonus of approximately 30.5 million Brazilian Real, equivalent to around 5.5 million USD. Equinor aims to undertake necessary geological and geophysical assessments in preparation for future exploration. The company has had a long-standing presence in Brazil, and beyond oil and gas, Equinor is also investing in renewable energy projects through its subsidiary, Rio Energy.
Sectors
- Oil and Gas Exploration
- Energy Sector
Geography
- Brazil – The article focuses on Brazil as the location of Equinor's new exploration block in the Santos basin.
Industry
- Oil and Gas Exploration – The article discusses Equinor's acquisition of an exploration license in Brazil, highlighting its activities in oil and gas exploration in the Santos basin.
- Energy Sector – Beyond oil and gas, Equinor is expanding into renewable energy investments, showcasing its operations in a broader energy context.
Financials
- 30.5 million Brazilian Real – The signature bonus paid by Equinor to acquire the S-M-1617 exploration block in Brazil.
- 5.5 million USD – The equivalent value in USD of the signature bonus for the S-M-1617 block.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Equinor ASA | Bidder and License Holder | Company | Equinor ASA is a Norwegian multinational energy company that has secured a new exploration block in Brazil. |
| Veronica Coelho | Senior Vice President and Brazil Country Manager | Person | Veronica Coelho is a senior executive at Equinor who provided statements regarding the company's strategy in Brazil. |
| Brazilian Government | Regulator | Government | The Brazilian Government conducted the 5th Open Permanent Concession bid round from which Equinor acquired the exploration block. |
| PRIO | Acquiring Company | Company | PRIO is the company to which Equinor is transferring operations of the Peregrino field. |
| Petrobras | Operator | Company | Petrobras operates the Roncador field where Equinor holds a non-operating position. |