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BW Offshore Approved by ANP as Operator in Brazil

Source: www.gulfoilandgas.com 8/18/2019, Location: South America

BW Offshore (BWO) has announced that The Brazilian National Agency of Petroleum, Natural Gas and Biofuels (ANP) has granted BW Offshore status as operator in Brazil and approved the transfer of Chevron and Petrobras' participating interest in the Maromba field to BW Offshore.

'We are proud to announce that our subsidiary BW Energy has been approved by ANP as operator and has received governmental go ahead to acquire the Maromba license. This again proves the viability of the BWO business model for BW Energy and our continued success in developing proven reserves in the current oil price environment,' said Marco Beenen, CEO of BW Offshore.

The closing of the transaction with Chevron and Petrobras is subject to certain condition precedents. This approval as operator satisfies the main condition precedent for the closing of the Maromba field acquisition and will trigger the first milestone payment of USD 30 million to Chevron and Petrobras.

The total acquisition price for the Maromba field is USD 115 million, which will be paid over three milestones as the development progresses towards first oil. The second milestone is due at start of drilling activities and the third milestone is due at first oil or 3 years after the start of drilling activities, whichever comes first.

'Maromba represents further proof of our upstream business model. Our Dussafu development is progressing according to our plans and is showing very good production of more than 12.000 bbls/d and no water. Our effort will now be directed to shortly present a plan for development to the Brazilian authorities and start the development of this very attractive license. Maromba is expected to significantly increase our production from 2022 onwards and is a very important element in our growth strategy,' said Carl K. Arnet, CEO of BW Energy.

The Maromba field is located off the Brazilian coast in the Campos Basin in 160 metres of water depth, where BW Offshore has extensive operating experience.

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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