BW Offshore eyes Maromba field acquisition, operatorship

Petroleo Brasileiro SA (Petrobras) agreed to sell 70% interest and operatorship of Maromba field offshore Brazil to BW Offshore for US$90 million.

The field, about 100 kilometres south-east of Cabo Frio in 160 metres of water in the southern Campos basin block, is close to Papa-Terra, Peregrino, and Polvo oil fields where BW Offshore currently has or has had operations.

BW Offshore intends to deploy one of its existing floating production, storage, and offloading vessels to the field as part of a phased development to derisk the project like at the Dussafu development offshore Gabon.

Internal estimates of the heavy-oil discovery show potential recoverable resources of 100-150 million bbl of low-sulphur (16° gravity) oil in Maastrichtian sandstone intervals.

Eight of nine exploration and appraisal wells drilled thus far have found oil in multiple reservoirs. Four of the eight wells have defined and delineated the Maastrichtian sand targets.

In addition to the Maastrichtian targets, prior exploration data yields more than one billion bbl of oil in place upside potential, which will be later defined by further appraisal work post first oil.

BW Offshore will fund the acquisition over three instalments. The first instalment, US$20 million, is due on receipt of ANP approval as operator and formal sanction of the transaction, expected in this year’s second half.

Another US$20 million is due at start of drilling activities.

The remaining US$50 million is due at the start of oil production or three years after the start of drilling activities, whichever comes first.

Closing is subject to conditions including approval by the Brazilian National Agency of Petroleum, Natural Gas, and Biofuels.

The acquisition of the remaining 30% field interest is pending board approval by Chevron Corporation.

Source: Oil & Gas Journal