Equinor has awarded a $498m (Nkr5.49bn) contract to Valaris for drilling activities at the Raia project offshore Brazil, with operations set to begin in 2026.  

This investment aims to drill six wells, with production expected to start in 2028.  

The contract includes a gap period, mobilisation, modifications and integrated services. 

During the interim period between the current Bacalhau field operations and the Raia project's start, the selected drillship, Valaris DS-17, may undertake alternative work.  

The agreement also encompasses two additional options. 

Equinor operates the Raia gas project with a 35% ownership stake, while Repsol Sinopec Brasil and Petrobras hold 35% and 30% stakes, respectively.  

The Raia project, situated in the pre-salt region of the Campos basin around 200km from the Brazilian coast, is considered one of Brazil's most significant gas developments.  

The site, in waters as deep as 2,900m, is estimated to contain more than 1bboe in natural gas and oil/condensate reserves. 

Additionally, Equinor has awarded contracts worth approximately $109m to SLB, Baker Hughes and Halliburton for drilling and well services, with SLB serving as the main supplier complemented by the other two companies. 

Equinor country manager in Brazil Veronica Coelho said: “Raia is part of the next generation of projects in the Equinor portfolio. It will have a significant value for the owners while it contributes locally with significant ripple effects. Our purpose is that we keep bringing energy for people and progress for society, always searching for better technologies, partnerships and solutions.” 

The Raia project is expected to be a major contributor to Brazil's gas market development, potentially supplying up to 15% of the country's total gas demand.  

In November 2023, Saipem won a contract to conduct horizontal drilling for the shore approach at Raia, and to handle the offshore transport and installation of a subsea gas export pipeline along with associated equipment.