The investment is approximately
'This is an exciting day. Bacalhau is the first greenfield development by an international operator in the pre-salt area and will create great value for
'Bacalhau is a globally competitive project with a break even below
The development plan was approved by the
'Bacalhau is an important step towards the realization of our strategic ambition to deepen our presence in
'The development of the Bacalhau field is a strategic investment in our global portfolio and has the potential to bring high returns for
'Bacalhau is a world class offshore project, with low breakeven and low carbon emissions. This project will significantly contribute to Galp's continued competitive upstream growth. The investment is a testament to Galp's commitment to continue to grow in
'The Bacalhau field is an accomplishment over high-complexity technical challenges, without losing track of the positive economic and social aspects. The Bacalhau field represents the great benefit that foreign companies can bring to the development of the pre-salt and
First oil is planned in 2024. Due to the COVID-19 pandemic and related uncertainties, project plans may be adjusted in response to health and safety restrictions.
Field development
The Bacalhau field is situated across two licenses, BM-S-8 and
The development will consist of 19 subsea wells tied back to a floating production, storage and offloading unit (FPSO) located at the field. This will be one of the largest FPSOs in
The FPSO contractor will operate the FPSO for the first year. Thereafter,
Significant efforts have been made to reduce emissions from the production phase, including implementing a Combined Cycle Gas Turbine system to increase the energy efficiency of the power station. This gives an efficient electrical power production and flexible heat supply.
Lifetime average CO2 intensity is expected to be less than 9 kg per barrel produced, significantly lower than the global average of 17 kg per barrel. Work will continue through the lifetime of the field to reduce emissions and increase energy efficiency.
Partners in Bacalhau:
Contact:
Tel: +47 51 99 00 00
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