Core Insights - Equinor has commenced drilling at the Raia project, a significant natural gas development offshore Brazil, marking a strategic move into the country's pre-salt basin and gas market [1][2] Project Overview - The drilling campaign began on March 24 using the Valaris DS-17 drillship, covering six wells approximately 200 kilometers offshore in the Campos Basin at depths of about 2,900 meters [2] - Raia is operated by Equinor (35%), with partners Repsol Sinopec Brasil (35%) and Petrobras (30%), targeting first production in 2028 [2] Resource Potential - The Raia project holds over 1 billion barrels of oil equivalent in recoverable gas and condensate reserves, with expected exports of up to 16 million cubic meters of natural gas per day, potentially meeting 15% of Brazil's gas demand by 2028 [3] Infrastructure and Operations - Development will utilize a floating production, storage, and offloading vessel (FPSO) connected to subsea wells, with gas transported via a 200-kilometer pipeline to Cabiúnas in Macaé, Rio de Janeiro [4] - The FPSO is projected to handle approximately 126,000 barrels per day of oil and condensate [4] Investment Significance - Raia represents Equinor's largest international investment to date, with an estimated cost of around $9 billion, enhancing its position in Brazil's energy market [5] - Brazil is a key market for Equinor, contributing to its portfolio through oil, gas, and power-related assets [5] Emissions Performance - The Raia FPSO is expected to be among the most carbon-efficient globally, with an average CO2 intensity of about 6 kilograms per barrel of oil equivalent, significantly lower than the industry average of 17 kilograms [6] Operational Experience - The project builds on Equinor's operational experience in Brazilian deepwater, leveraging insights from previous work on the Bacalhau field, which may help mitigate execution risks [7]