Norwegian oil giant Equinor is planning to boost oil production capacity more than fivefold over the next decade in Brazil, reported Reuters, citing the company executive.

The company is also considering developing green energy projects in the offshore wind power sector.

At an energy event in Rio de Janeiro, Equinor Brazil vice-president Lars Jetlund Hansen said the company aims to increase production capacity from the current output of nearly 90,000 barrels of oil equivalent per day (boepd) to more than 500,000boepd by 2033.

Hansen said: “We have great momentum to grow more in Brazil in both oil and gas and renewables.”

Hansen also noted that the company expects its majority-owned Bacalhau field in the Brazilian pre-salt Santos area to increase production over the next few years.

Equinor plans to start light crude production from the Bacalhau field in 2025. Other partners in the field include US oil giant ExxonMobil and Portugal’s Petrogal.

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The Bacalhau project features 19 subsea wells tied back to a floating production, storage and offloading unit (FPSO) at the field. The FPSO vessel will have a production capacity of 220,000 barrels per day and two million barrels in storage capacity.

Hansen said the company is also exploring opportunities in the renewable energy sector in Brazil.

“Brazil has a lot of sun and is one of the biggest markets where you can grow,” he added. “We see in offshore wind a lot of synergy with oil and gas, and we are looking at several projects.”