BW Energy to close Santos basin cluster acquisitions

BW Energy Co. will close its acquisition of a 100% operated working interest (WI) in the Golfinho and Camarupim clusters in post-salt Espírito Santo basin offshore Brazil and 65% WI in adjacent BM-ES-23 block from Petrobras. It will also take over floating production, storage, and offloading vessel (FPSO) Cidade de Vitoria from Saipem SPA.

BW Energy reported Mar. 2 that it had been informed by Petrobras of a review of the Golfinho and Camarupim clusters transactions as part of a wider analysis of Petrobras’ ongoing divestment program initiated by the Ministry of Mines and Energy (MME) in Brazil. MME has requested a suspension of ongoing sales of assets for 90 days without putting Petrobras’ interests at risk.

Preparation work includes progressing relevant approvals from the Brazilian authorities, operational preparedness, field development planning, and build-up of the local BW Energy organization.

Closing the field transaction and FPSO takeover is subject to fulfilment or waiver of conditions precedent and the restart of the FPSO after upgrades required by the Brazilian National Agency of Petroleum, Natural Gas, and Biofuels (ANP).

The transactions are expected to close second-quarter 2023.