Core Insights - Equinor ASA, along with partners ExxonMobil Brasil and Petrogal Brasil, has commenced production at the Bacalhau field in Brazil's Santos Basin, marking Equinor's largest international offshore development to date [1][3] Production Details - The Bacalhau field contains recoverable reserves exceeding 1 billion barrels of oil equivalent (boe) and utilizes a Floating Production Storage and Offloading (FPSO) vessel with a capacity of 220,000 barrels of oil per day (bpd) [2] - Phase one of the project includes 19 production and injection wells, which will be activated sequentially, with a production ramp-up update expected in 2026 [2] Strategic Importance - The successful start of operations enhances the longevity of Equinor's oil and gas production portfolio, combining scale, cost-efficiency, and lower carbon intensity [3] - The project employs combined-cycle gas turbines (CCGT) technology on the FPSO, aiming for a carbon intensity of approximately nine kilograms of CO₂ per boe, which is considered a competitive benchmark for deepwater production [4] Stakeholder Involvement - The development is operated by Equinor (40% stake), ExxonMobil Brasil (40%), and Petrogal Brasil (20%), with MODEC contracted to operate the FPSO initially [5] Economic Impact - Bacalhau is projected to significantly contribute to Equinor's goal of generating over five billion dollars in free cash flow by 2030 from international assets, while also supporting Brazil's economy and potentially creating 50,000 jobs [6]

Investor Presentation FOCUSED VALUE DRIVEN RESPONSIBLE Forward-Looking Statements Statements contained in this investor presentation that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include words or phrases such as "anticipate," "believe," "estimate," "expect," "intend," "likely," "outlook," "plan," "project," "could," "may," ...