Offshore staff
OSLO, Norway — BW Energy has assumed operatorship and outright ownership of the Golfinho and Camarupim clusters of deepwater post-salt fields in the Espirito Santo Basin offshore Brazil.
Following terms initially agreed in June 2022, the company concluded the transaction by paying previous operator Petrobras $12.2 million, in addition to the $3 million when the contract was signed. Petrobras can expect to receive up to $60 million in contingent payments, depending on future development and Brent price.
The package gives BW Energy about 10,000 bbl/d of oil production, 19 MMboe from various low-risk in-field development opportunities and 700 Bcf recoverable from proven gas accumulations.
Aside from the two clusters, the company also gains a 65% interest in the adjacent BM-ES-23 Block containing the Brigadeiro gas-condensate discovery.
The Golfinho Cluster is in waters depths of 1,300 m to 2,200 m. Oil production has recently restarted following repairs and upgrades to the FPSO Cidade de Vitória following repairs and upgrades.
The Camarupim Cluster, in 100-1,050 m of water, includes the non-producing Camarupim and Camarupim Norte gas fields. BW Energy plans to develop the gas resources via a subsea gas export line that it will acquire and control under the same transaction.
It expects to complete the acquisition of the FPSO from Saipem during the fourth quarter, when the platform’s current short-term lease and operate contract is due to expire. BW Energy has agreed to pay Saipem $73 million, and the latter will be a consideration equal to $73 million, of which $38 million is due at the Golfinho transaction to operate the FPSO, providing operation and maintenance services to BW Energy until the takeover goes through.
08.29.2023
