Petrobras Sells Oil Field to Norwegian Company BW Energy for $75 Million in 2023

Written by Maria Heloisa Barbosa Borges

Published on 25/06/2025 at 13:43

Updated on 28/06/2025 at 22:25

A venda do campo de petróleo Golfinho: como a BW Energy usa o ativo para crescer no Brasil?

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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.

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The Purchase of the FPSO Cidade de Vitória

The sale of Petrobras' oil field to a Norwegian company BW Energy for US$ 75 million

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.

Petrobras Sells Oil Field to Norwegian Company BW Energy for $75 Million in 2023

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 US$ 75 Million Oil Field, Why Did Petrobras Sell?

The Purchase of the FPSO Cidade de Vitória

The Cluster Strategy, Using Golfinho to Enable Maromba

The Future of Espírito Santo

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Petrobras Sells Oil Field to Norwegian Company BW Energy for $75 Million in 2023

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 US$ 75 Million Oil Field, Why Did Petrobras Sell?

The Purchase of the FPSO Cidade de Vitória

The Cluster Strategy, Using Golfinho to Enable Maromba

The Future of Espírito Santo

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Australia installs giant concrete structures on the seabed 800 meters from the shore to create an ocean intake for desalination that will draw in saltwater and produce 30 million liters of drinking water per day.

Secret chamber sealed 4,500 years ago found in the Pyramid of Khufu, and Hawass announces its opening to the world in 2026

A public school student single-handedly created a machine capable of treating water for up to 50 people using only solar energy. It was awarded third place at one of the most important science fairs in the world.

Germany installed vertical solar panels on a lake in Bavaria, and the result broke conventional logic: instead of producing energy at midday peak, the plant generates more early in the morning and in the evening, exactly when families turn on appliances and factories are in full swing.

While communities suffer from water scarcity and the advancing desert, women in Morocco use nets high up in the mountains to trap fog droplets, fill reservoirs, and transport drinking water through more than 10 km of piping.

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