Bacalhau online: ExxonMobil begins first deepwater production in Brazil

Bacalhau delivers ExxonMobil’s first upstream production in Brazil after 110 years in the market.
Phase 1 unlocks over 1 billion barrels of oil equivalent with 220,000 barrels per day capacity.
Brazil’s energy sector gains momentum as ExxonMobil deepens its global deepwater footprint.

News releases

2 min read

• Oct. 16, 2025

ExxonMobil Brasil and partners Equinor (operator), Petrogal Brasil and PPSA have kicked off oil production at the Bacalhau field, marking its first upstream output in Brazil and a major step in the company’s global deepwater expansion.

A first for ExxonMobil

“Bacalhau is a significant milestone for ExxonMobil,” said Dan Ammann, president of ExxonMobil Upstream Company. “It marks our first upstream production in Brazil after more than 110 years doing business in the country. With recoverable reserves exceeding 1 billion barrels and a production capacity of 220,000 barrels per day, Bacalhau is a world-class development and a key investment in our future.”

Deepwater, deeper impact

Bacalhau sits 185 km off the coast in water deeper than 2,000 meters.

The field is developed using one of the world’s most advanced floating production, storage and off-loading vessels, equipped with:

High-pressure gas compression
Combined cycle power generation
220,000 barrels/day production capacity

FPSO Bacalhau — Bacalhau field is located in ultra-deep waters, at depths exceeding 2,000 meters.

What to know

First greenfield pre-salt development in Brazil by an international operator
Phase 1 reserves: more than 1 billion barrels of oil equivalent
Discovery well drilled in 2012; Equinor became operator in 2016
Partners: ExxonMobil Brasil (40%), Equinor (40%), Petrogal Brasil (20%)
PPSA is the Government PSA Manager
ExxonMobil Brasil will be responsible for offloading and transporting our crude share

What’s next

First oil from Bacalhau represents a strategic milestone for Brazil, driving technological development and strengthening the country’s energy industry.

This offshore project opens a new chapter in the pre-salt’s contribution to economic growth.

It strengthens ExxonMobil’s position in one of the world’s most prolific deepwater basins and sets the stage for future growth in Brazil’s frontier exploration space.

Cautionary Statement

Statements of future results, production, or conditions in this release are forward-looking statements. Actual future results, including project plans, schedules, initial capacities, production rates, and resource recoveries could differ materially due to: changes in market conditions affecting the oil and gas industry or long-term oil and gas price levels; political or regulatory developments including obtaining necessary regulatory permits; reservoir performance; the outcome of future exploration efforts; timely completion of development and construction projects; technical or operating factors; and other factors cited under the caption “Factors Affecting Future Results” on the Investors page of our website at exxonmobil.com and under Item 1A. Risk Factors in our annual report on Form 10-K. References to “barrels of oil per day” and other quantities include estimated quantities that are not yet classified as proved reserves under SEC definitions but are expected to be ultimately recoverable. The term “project” can refer to a variety of different activities and does not necessarily have the same meaning as in any government payment transparency reports.

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