Equinor and its partners have approved the development plan for the gas and condensate block BM-C-33 located in the Campos Basin pre-salt offshore Brazil.

Located nearly 200km off the coast of Rio de Janeiro, the Brazilian block is contained in water depths up to 2,900m.

Production from the BM-C-33 block is planned to be sent to a floating production, storage and offloading unit (FPSO) moored at the site.

The FPSO will have the capacity to process gas and oil / condensate to sales specifications before they are exported.

Equinor said its partners have selected a new-build hull to accommodate 30 years lifetime of the field.

Equinor projects senior vice-president Geir Tungesvik said: “BM-C-33 is a key project in our portfolio and concept select is an important milestone in our effort to mature the project.

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“It is important to further optimise and improve the project business case to make it more robust for future market.”

According to estimates, the offshore block holds recoverable resources of more than one billion barrels of oil equivalent.

Equinor Brazil country manager Veronica Coelho said: “BM-C-33 holds substantial volumes of gas. A completion of the ongoing liberalisation of the natural gas market in Brazil in line with the current plan, is key for the further development of the project.

“BM-C-33 is an asset that can generate value for the society, both through the creation of direct and indirect jobs, ripple effects, and through a gas supply that can induce industrial growth, as has happened in other countries.”

Equinor operates the BM-C-33 block with a 35% stake. Its partners include Repsol Sinopec Brasil (35%) and Petrobras (30%).