The collaboration with Sinopek in Brazil has propelled Repsol Sinopec Brasil, along with Equinor and Petrobras, to commit a $9 billion investment in the BM-C-33 gas and condensate field. This ultra deepwater project sits in the Campos Basin and marks a major step for Brazil’s energy agenda. Analysts note that the field holds resources estimated to exceed one billion barrels of oil equivalent, signaling a significant addition to Brazil’s gas and oil export capabilities and energy security. The investment decision sets the field on a path toward production that industry observers expect to commence around 2028, according to disclosures from the partners.
Repsol Sinopec Brasil, a joint venture in which Repsol holds 60 percent, also has a 35 percent stake in the block, while Equinor serves as operator with 35 percent, and Petrobras owns 30 percent. This alliance represents one of the continent’s largest upstream commitments in recent years, underscoring the scale of the project and the long planned development timeline. In a broader context, the group led by Josu Jon Imaz recently approved a separate down payment of about $2.6 billion to support the development of Pikka, Alaska, highlighting the sizable investments underway in North American oil projects. The Repsol group’s specific share in the BM-C-33 bloc translates to roughly $1.3 billion, with total funding anticipated to range around $1.9 billion across five years for the Brazilian venture. (Source: corporate releases)
The BM-C-33 project is expected to be a landmark for the Brazilian gas market, with an estimated daily gas throughput of around 16 million cubic meters. That volume is enough to meet the needs of a large state like São Paulo and illustrates the potential for Brazil to expand energy supply and create broad social value. The project envisions gas processing and market delivery via an FPSO based scheme that avoids additional processing steps, aligning with emerging offshore oil and gas technologies. Gas will be exported through a roughly 200-kilometer pipeline terminating in Macaé, while petroleum liquids are planned to be discharged into tankers. (Source: industry releases)
In parallel developments, Repsol and Sinopec recently resolved a legal dispute by agreeing to consolidate ownership of Repsol Sinopec Resources UK, with Repsol acquiring Sinopec’s remaining stake for a substantial sum. The consolidation strengthens Repsol’s footprint in the United Kingdom while reinforcing its broader strategic position in international gas markets. Within the Brazil venture, the ownership structure reflects a 60 percent stake for the group led by the chief executive officer, with the remaining 40 percent allocated to Chinese partners. The Brazilian joint venture, established in 2010 to pursue exploration and production opportunities in the country, positions Repsol Sinopec Brasil as a central player in Brazil’s gas landscape. Overall, natural gas accounts for a large share of Repsol’s reserves and production, reinforcing the company’s role as a key gas operator in Brazil and contributing to the opening of the country’s gas market based on international experience. (Attribution: corporate disclosures)
The BM-C-33 concept embraces the use of an FPSO to transform offshore gas production into a market-ready output, simplifying processing needs and accelerating delivery to customers. The project’s first phase focuses on bringing gas to market through the offshore-to-onshore infrastructure, facilitating the export and sale of gas to regional consumers and industrial users. As Brazil advances its gas market, the BM-C-33 project stands as an important milestone that demonstrates the country’s capacity to meet rising energy demand while delivering social and economic benefits. (Source: partner statements)