Offshore staff
OSLO, Norway — Petrobras has approved BW Energy’s offer to acquire the producing Golfinho and Camarupim clusters in the post-salt Espírito Santo Basin offshore Brazil.
The estimated value of the transaction is up to $75 million, including contingent payments linked to the oil price, well operations and further development of the acquired assets.
BW Energy expects to net about 9,000 bbl/d of oil production from early 2023, and it sees further potential in various low risk in-field development opportunities plus longer-term upside from proven gas accumulations.
The transaction, likely to close in first-quarter 2023, comprises a 100% interest in the two clusters and a 65% stake in the adjacent BM-ES-23 Block.
BW Energy estimates proven recoverable resources at 38 MMboe, mainly oil, of which 19 MMboe are developed and producing and the remainder infill opportunities. It has identified a further 0.7 Tcf of recoverable gas accumulations for potential future development.
The company added that establishing a strong working relationship with Brazilian regulators should help it unlock synergies ahead of its offshore Maromba Field development.
The Golfinho Cluster is in 1,300 m to 2,200 m of water. BM-ES-23 exploration block includes the Brigadeiro gas and condensate discovery. The Camarupim Cluster, also adjacent and in water depths of 100 m to 1,050 m, comprises the non-producing Camarupim and Camarupim Norte gas fields.
BW Energy will operate all the concessions, with PTTEP (20%) and Inpex (15%) as partners in the BM-ES-23 Block. BW Energy also will assume field abandonment liability for the FPSO, the subsea system and 13 wells, with Petrobras sharing the plug and abandonment costs of four wells.
According to Petrobras, the company has produced on average 8,600 bbl/d of oil and 90,000 cu. m/d of gas this year.
06.24.2022
