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Maromba Project, in the Campos Basin, receives the green light and could double the company's production by 2028
BW Energy has just approved an estimated investment of US$1,5 billion to develop the Maromba field, located in the Campos Basin. With operations scheduled to begin in late 2027, the project could lead the company to double its total oil production by 2028, according to an official statement from the company.
Development in Brazil boosts global oil production
BW Energy’s Final Investment (FID) Announcement Marks Strategic Advance for the Oil Sector offshore in Brazil. The Norwegian company, which already operates in fields such as Golfinho, plans to explore 123 million barrels of 2P (probable and proven) reserves in the Maromba field, according to Offshore Energy. The total in situ volume is estimated to exceed 500 million barrels.
State-of-the-art infrastructure and focus on low-cost oil
The project structure includes six horizontal wells connected to a wellhead platform (WHP) adapted from a jack-up rig. This unit will be connected to the FPSO BW Maromba, formerly FPSO Polvo, which is undergoing renovation in China. The unit will have the capacity to process 65 barrels of oil per day and treat 85 barrels of water. According to an official statement on GlobeNewswire, the vessel will be able to store up to 1 million barrels.
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Buy
Low operating cost and high return expectation
One of the project's attractions is its competitive production cost. BW Energy estimates that the first five years will be operating at costs below US$10 per barrel, even considering the current scenario of volatile oil prices. The expected internal rate of return exceeds 30%, based on an average price of US$60 per barrel of Brent. Part of the financing will be provided by the company's own cash, operating cash flow and a US$250 million loan offered by the controlling shareholder BW Group.
Oil in Brazil remains strategic for international operators
Since acquiring the Maromba field in 2019 for US$115 million, BW Energy has consolidated its presence in the country. The recent extension of the operating license for the Golfinho field until 2042 reinforces the company's positioning in the Brazilian market of oil. The company also highlighted that Magma Oil maintains a 5% right over the Maromba field, to be exercised after production begins.
