Equinor picks Valaris for $500 mln drilling in Brazil

Valaris

22/07/2024 15:00

COPENHAGEN, July 22 (Reuters) - Equinor  EQNR.OL  has
awarded a drilling contract in Brazil worth $498 million to
Valaris  VAL.N  on behalf of partners in the Raia field
development project, the Norwegian company said on Monday.
    The drilling is expected to start in 2026, Equinor said,
adding that six wells were planned, with oil and gas production
scheduled to begin in 2028.
    The Raia field is operated by Equinor, which has a 35% stake
in the project, while Repsol Sinopec Brasil  REP.MC   600028.SS 
holds 35% and Brazilian state-run oil firm Petrobras  PETR4.SA 
owns the remaining 30%.
    Equinor also awarded SLB, Baker Hughes and Halliburton
contracts for drilling and well services for the project worth
around $109 million in total.
    Once in operation, Raia is expected to meet up to 15% of
total gas demand in Brazil, according to Equinor.

 (Reporting by Louise Breusch Rasmussen, editing by Terje
Solsvik)
 ((Louisebreusch.rasmussen@tr.com; +45 21 27 97 79;))