BW Energy Announces Purchase of FPSO Polvo for Maromba Field Where It Will Drill Three Wells for Oil Production

With An Initial Drilling Plan of Three Wells to Expand Oil Production, BW Energy Acquired the FPSO Polvo to Include It in the Maromba Project and Expand Its Presence in the International Oil and Gas Market

BW Energy, a subsidiary of the BW Group, announced last Friday (04/22) the purchase of the FPSO Polvo for inclusion in the Maromba oil production field. In addition, the company has an expansion plan in the market that includes drilling three wells just in the initial phase for internal growth in the production and commercialization of this fuel in the international market.

Video: Check Out The Structure and How An FPSO Rapid Framework Works

Purchase of The FPSO Polvo for Inclusion in The Maromba Oil Production Field Involved a Transaction of Over US$ 50 Million by BW Energy

The BW Group has had a growth plan in the international market for several years and, during the past week, announced the purchase of the FPSO Polvo for inclusion in the Maromba oil production project through its subsidiary BW Energy. Thus, the transaction amounted to US$ 50 million, and the company also revealed that the development plan for the field is based on an initial campaign of drilling three wells for the expansion of oil production in the field.

The first of the wells for exploration of the raw material is expected to be opened for production as early as 2025, and another part of the Maromba oil field expansion project includes drilling three more wells by 2027. Thus, BW Energy will be able to attract more investments for the oil and gas market, as well as expand its internal production for an even more intensive commercialization of the product.

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In this context, BW Energy’s CEO, Carl Arnet, commented on the expansion plan for the oil production field of Maromba and the importance of the project for the development of the BW Group. Thus, the executive stated that “We have been working to optimize the Maromba development plan since our acquisition in 2019 and during the COVID-19 pandemic. This includes technical evaluations, full-spectrum analysis of geological, seismic, and well data, as well as extensive modeling and reservoir simulations. Based on our findings, we decided to proceed with the development with six horizontal production wells.”

Expansion Project of The Maromba Oil Production Field Will Be Carried Out Slowly for Better Monitoring of The Well Drilling and Resource Exploration

One of the main points of BW Energy’s project for the Maromba oil production field is the slow stages of growth in the area, so the company can achieve quality monitoring of the processes. Thus, the total production of oil at peak is expected to be between 30,000 and 40,000 barrels per day after the completion of the second phase of the project, which could be even higher, but will have to be done in a manner consistent with the initiative.

The investment of over US$ 50 million in the transaction for the purchase of the FPSO Polvo by BW Energy was made due to the proximity of the FPSO to the Maromba field and the similar characteristics of oil and reservoir. Thus, after the end of the second phase of the expansion project, the site is planned for up to 10 producing wells with a storage capacity of 1.2 million barrels.

With this announcement, BW Energy is now moving towards a new phase of expansion with a clear focus on the growth of this important field for the company and is seeking further growth in the international market.