BW Offshore acquires 70% of Maromba field from Petrobras

Floating production operator, BW Offshore, has entered an agreement with Petrobras to acquire 70% of the Maromba offshore field for a price of US$90m. The deal is subject to approval by The Brazilian National Agency of Petroleum, Natural Gas and Biofuels (ANP). The acquisition of the remaining 30% field interest is pending approval by Chevron’s board. 

The company’s CEO said, “We will pay approximately $1 per barrel of recoverable resources in an area we know well, and we are currently evaluating several development options within our phased development strategy that range from $3 to $7 of capital cost per recoverable barrel plus FPSO lease”. The Maromba field is near the Peregrino, Papa Terra and Polvo oil fields where BW Offshore currently has or has had operations. BW Offshore intends to deploy one of its existing FPSOs in Brazil to the field.

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