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Maromba Project In The Campos Basin Receives Green Light And Could Double Company 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 set to begin by the end of 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
The final investment decision (FID) announcement by BW Energy marks a strategic advancement for the offshore oil sector 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 estimate is that the total in situ volume will exceed 500 million barrels.
Cutting-Edge 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 interconnected to the FPSO BW Maromba, formerly the FPSO Polvo, which is undergoing refurbishment in China. The unit will have the capacity to process 65,000 barrels of oil per day and handle 85,000 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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Low Operational Cost And High Return Expectation
One of the attractive aspects of the project is its competitive production cost. BW Energy estimates that the first five years will operate with costs below US$ 10 per barrel, even considering the current volatility in oil prices. The projected internal rate of return exceeds 30%, based on an average price of US$ 60 per barrel of Brent. Part of the financing will be made with its own cash, operational 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 strengthens the company’s positioning in the Brazilian oil market. The company also highlighted that Magma Oil retains a 5% right over the Maromba field, to be exercised after the start of production.
