Norway’s BW Energy has reached an agreement with Petrobras to acquire the Golfinho and Camarupim deepwater oil fields for up to $75m.
The Oslo-listed company will pay $15m when the deal closes for a 100% stake in the Golfinho and Camarupim and a 65% stake in the BM-ES-23 block. Up to $60m will also be paid, depending on the oil price and production volume.
The acquisition is expected to add approximately 9,000 bopd of oil production from early 2023. BW Energy will be the operator in all the concessions, with PTTEP and Inpex holding 20% and 15% respectively as partners in the BM-ES-23 block.
BW Energy will, upon closing, assume responsibility for the decommissioning of the floating production storage and offloading (FPSO) vessel and the subsea system and 13 wells, of which Petrobras will share the cost of four wells.
The Golfinho field is located in the Espírito Santo basin, 60 km off the shore of Brazil. The field started production in May 2006. Adjacent is the BM-ES-23 exploration block, which holds the Brigadeiro gas and condensate discovery. The non-producing Camarupim gas fields are also adjacent and located in water depths between 100 m and 1,050 m.
“Golfinho offers material ongoing production and cashflow in Brazil at an attractive price with significant upside potential in near-field exploration and phased developments. It will diversify our production base, accelerate the build-up of the local operating organisation and provide an established working relationship with Brazilian stakeholders ahead of the Maromba development,” said Carl K. Arnet, the CEO of BW Energy.