BW Energy: Completes Acquisition of the FPSO Cidade de Vitoria

Source: www.gulfoilandgas.com 11/21/2023, Location: South America

BW Energy has completed the acquisition of the FPSO Cidade de Vitoria from Saipem S.p.A. The FPSO is currently producing approximately 10,000 barrels per day of oil from the Golfinho field offshore Brazil, supported by the Company’s local operating organisation.

According to the agreement that was entered into in June 2022, BW Energy will pay Saipem a total of USD 73 million in fixed consideration for the FPSO, of which USD 38 million was paid in the third quarter 2023. A further USD 35 million will be paid in 18 monthly instalments following the takeover, with the first instalment already paid.

The FPSO Cidade de Vitoria is a flexible unit with 1.6 million barrels of storage capacity. The unit, which recently underwent repairs and upgrades, can produce more than 100,000 barrels per day of oil and has additional capacity for gas production and compression. It positions BW Energy to efficiently increase production from the Golfinho cluster with ample oil and gas handling capacity to accommodate the upside from planned future developments. The FPSO acquisition will enable BW Energy to reduce the whole field OPEX.


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