BW Offshore starts operating in Brazil

Norwegian company BW Offshore has been approved by the ANP (National Agency of Petroleum, Natural Gas, and Biofuels) to buy the Brazilian Maromba oilfield in the Campos Basin post-salt from Petrobras and Chevron.

BW Offshore has plans to become an operator, not just a provider of oil services, platforms, and ships. The acquisition expands the company’s operations in Brazil, where it owns two floating production storage and offloading vessels (FPSO).

The total purchase price of the oilfield was US$115m, to be paid in three installments as development progresses.

The first is of US$30m for Chevron and Petrobras, the second at the start of drilling activities, and the third at first oil or three years after the start of drilling activities, whichever comes first.

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