BW Offshore has sealed a deal with Petrobras to acquire a 70% stake in the Maromba field, offshore Brazil, for $90m.
The Oslo-headquartered company, part of Singapore’s BW Group, had announced last week its intentions to acquire the field, both the 70% stake owned by Petrobras along with a 30% stake from Chevron. The acquisition of the Chevron stake is still pending board approval by Chevron.
Maromba is located in the Campos Basin and has potential recoverable resources of 100-150 million barrels of low-sulphur 16 API oil.
BW Offshore currently owns 15 FPSOs and says it intends to deploy one them to the field.
Carl Arnet, CEO of BW Offshore, commented: “Maromba meets many of the criteria our E&P strategy is founded on; proven resources, high upside potential, located in a country where we currently operate, phased development and the use of one of our own FPSOs.
“We will pay approximately USD 1 per barrel of recoverable resources in an area we know well, and we are currently evaluating several development options within our phased development strategy that range from USD 3 to 7 of capital cost per recoverable barrel plus FPSO lease. Maromba has the potential to create significant value for the shareholders of BW Offshore.”
