Norwegian oil and gas major Equinor said that Peregrino phase 2 was executed within the original cost estimate of $3 billion.
The phase 2 project is aimed at extending the lifetime and value of the offshore Brazilian field and deliver an additional 250-300 million barrels.
Equinor exploration and production international executive vice president Al Cook said: “The start-up of Peregrino Phase 2 is an important milestone in Equinor’s growth strategy in Brazil.”
“This project showcases how we can bring valuable new resources onto production at the same time as investing in technology to cut carbon emissions. I am proud that Peregrino Phase 2 will increase field production to 110,000 barrels per day at plateau whilst halving our emissions intensity.”