BW Offshore seals Maromba acquisition with Petrobras

BW Offshore seals Maromba acquisition with Petrobras

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.”

Grant Rowles

Grant spent nine years at Informa Group based in London, Sydney, Hong Kong and Singapore. He gained strong management experience in publishing, conferences and awards schemes in the shipping and legal areas, working on a number of titles including Lloyd's List. In 2009 Grant joined Seatrade responsible for the commercial development of Seatrade’s Asia products. In 2012, with Sam Chambers, he co-founded Asia Shipping Media.

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