Portuguese 
English 
Spanish 
3 min of reading 
0 comments 
The Sale of Petrobras’ Golfinho Oil Field by Norwegian BW Energy and How the Connection with a Neighboring Field Is Creating a Super Profitable Operation
The sale of the oil field of Golfinho, in the Espírito Santo Basin, represents one of the most intelligent strategic moves in the energy sector in Brazil. Norwegian BW Energy acquired the asset from Petrobras with a clear plan: to use its infrastructure and cash flow to enable production from a neighboring field, Maromba, creating an integrated and highly efficient operation.
The deal, valued at up to US$ 75 million and completed in 2023, was not just an acquisition but the creation of a new “cluster” of production. In 2025, BW Energy is advancing with its revitalization plans, investing millions to increase Golfinho’s production while simultaneously taking the decisive step to develop the billion-dollar project of Maromba.
The Sale of the US$ 75 Million Oil Field, Why Did Petrobras Sell?
Petrobras’ decision to divest from Golfinho is part of its long-term strategy to focus its resources on the gigantic pre-salt fields. Mature assets like Golfinho, while still productive, have become non-essential for the state-owned company. The sale to BW Energy was signed in June 2022 but faced a brief suspension in early 2023 due to a reassessment of the new government’s energy policy.
-
The Brazilian colonial city that stopped in time and shares territory with a rocket launch base.
-
79-year-old woman challenges limits, visits 193 countries in the world after 56 years of planning and reveals the behind-the-scenes of a global journey that few have managed to accomplish.
-
These are the drivers who may stop paying tolls on highways in a project that promises to reduce costs for those who live from transportation in Brazil.
-
(Video): Italian pilot lands plane on moving train at 120 km/h and achieves unprecedented feat in aviation, even with a narrow runway and without direct visual contact.
Despite the uncertainty, the contract prevailed, and the sale was completed on August 28, 2023. The financial structure was designed to share risks: BW Energy paid only US$ 15.2 million in fixed terms, while the remaining amount, up to US$ 60 million, will be paid contingently, depending on the future performance of the field and the price of oil.
The Purchase of the FPSO Cidade de Vitória
To ensure complete control and optimize costs, BW Energy made a parallel and crucial move. In June 2022, the company closed a deal to purchase the FPSO Cidade de Vitória from the Italian Saipem, for a total of US$ 73 million.
Owning its platform, instead of leasing it, is a pillar of BW Energy’s strategy to reduce its operational costs (OPEX). The acquisition gave the company control over the main production infrastructure and the pipeline that transports gas to the mainland, essential pieces for its future plans.
The Cluster Strategy, Using Golfinho to Enable Maromba
BW Energy’s logic is brilliant: use an asset that already generates cash to finance and reduce the risk of a new and much larger project. The stable cash flow from Golfinho allows the company to build an experienced operational team in Brazil and finance the development of its main growth project: the Maromba field.
The company is already reinvesting. In April 2025, it announced the final investment decision on the “Golfinho Boost” project, an investment of US$ 107 million to boost production from the field. This project serves as a springboard for the development of Maromba, a venture of US$ 1.5 billion, whose final investment decision was announced in May 2025.
The Future of Espírito Santo
One of the most important developments following the sale of the oil field was the extension of the production license for Golfinho. The National Petroleum Agency (ANP) approved the extension of the deadline, which was set to expire in 2031, to the year 2042. This additional decade of operation completely changes the profile of the investment, transforming it into a long-term asset.
With the “cluster” strategy underway and the extended license, BW Energy establishes itself as one of the most important independent operators in Brazil. Its success in Golfinho serves as a model for the revitalization of other mature fields, a trend that is gaining more and more strength in the country’s energy sector.
Seja o primeiro a reagir!