BW Energy successfully complete Golfinho transaction
London, 29 August, 2023, (Oilandgaspress) – BW Energy has today completed the acquisition of the Golfinho and Camarupim Clusters from Petrobras and assumed ownership and operatorship of approximately 10,000 barrels of daily oil production, several proven low risk in-field development opportunities with short lead times and substantial potential long-term upside from proven gas accumulations.
After completion, BW Energy holds 100% working interest (WI) in the Golfinho and Camarupim Clusters and 65% WI in the BM-ES-23 block. The closing of the transaction follows a period of stable oil production after the restart of the FPSO Cidade de Vitória following repairs and upgrades.
“We are pleased to complete the transaction to become the owner of material production and cashflow in Brazil and to diversify our production and resource base. We have a strong local organisation in place ready to assume operatorship and capture a significant potential for value creation through already identified phased development opportunities and near-field exploration, “said Carl K. Arnet, the CEO of BW Energy.
The transaction is financed through BW Energy’s existing liquidity and an oil pre-payment facility, with USD 12.2 million paid at closing following an initial USD 3 million payment at signing in 2022. Further, the agreement includes up to USD 60 million in future contingent payments linked to oil price, well operations and further successful development of the acquired assets.
The Golfinho Cluster is located at a water depth between 1,300 and 2,200 meters in the Espírito Santo Basin. Adjacent is the BM-ES-23 exploration block which holds the Brigadeiro gas and condensate discovery. The Camarupim Cluster is also adjacent and located in water depths between 100 and 1,050 meters, comprising the non-producing gas fields of Camarupim and Camarupim Norte.
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