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BW Energy Accelerates Offshore Project in Brazil With New Long-Term Agreement, Billion-Dollar Investment, and Use of FPSO to Increase Oil Production at Maromba Field
BW Energy, an independent oil and gas company listed on the Oslo Stock Exchange, has made a decisive move in developing its assets in Brazil by entering into a multi-million dollar long-term lease agreement for an offshore production unit linked to the Maromba Field. According to a report published by Petronotícias, the agreement involves the BW Maromba B jack-up platform of the Super Gorilla class and consolidates the company’s strategy to start oil production in the country by the end of 2027.
BW Energy Consolidates Offshore Strategy in Brazil
The contract, signed with the Chinese Minsheng Financial Leasing Company, replaces a short-term lease made three months earlier and ensures an efficient financial structure, aligned with the project’s development timeline. The total investment for the Maromba Field is estimated at US$ 1.5 billion, with a projected production of up to 60,000 barrels of oil per day when it reaches its operational plateau.
BW Energy’s decision to convert the short-term lease into a multi-million dollar long-term contract signals confidence in the economic potential of the Maromba Field. Initially, the BW Maromba B platform had been contracted in September 2025 for a limited period. However, after re-evaluating the project, the operator chose to expand the agreement, ensuring greater operational and financial predictability.
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This type of structure is common in large offshore projects as it reduces risks during the development phase and preserves cash before production begins. According to the company itself, no lease-related payments will be due before the first oil production, expected at the end of 2027.
Additionally, the contract establishes a fixed daily rate of US$ 120,500, considered competitive for a high-capacity jack-up platform, especially in a global environment of high costs in the oil and gas sector.
Multi-Million Dollar Contract Strengthens Financing of Maromba Field
From a financial perspective, the agreement covers not only the lease but also the purchase of the platform and all costs necessary to make it suitable for drilling and production operations. BW Energy reported that the contract represents US$ 274 million of the previously disclosed capital investment for the Maromba project.
This financing model is strategic as it dilutes expenditures over time and aligns payments with the start of revenue generation. This way, the company reduces financial exposure during the capital-intensive phase of the project.
Thomas Young, CFO of BW Energy, stated that the agreement is “attractive” and reinforces the company’s strong relationship with Minsheng Financial Leasing Company. Partnerships of this kind are viewed as essential to enable offshore projects in an environment of increased selectivity by international financiers.
Maromba Field Advances With Integrated Platform and FPSO
The Maromba Field is being developed with an integrated configuration, consisting of a drilling platform and wellhead connected to a floating production, storage, and offloading unit, known as an FPSO. This unit will be responsible for processing and storing the produced oil before its transfer to shuttle tankers.
The FPSO to be utilized in the project previously operated in the Polvo Field, also in Brazil, and is now being refurbished to meet the specifications of the new development. The reuse of existing units is common practice in the industry as it reduces costs and accelerates the deployment schedule.
This integration between the fixed platform and FPSO is particularly suitable for operations in shallow waters, as is the case with the Maromba Field, located off the Brazilian coast.
Refurbished FPSO Will Be Key Component of Offshore Production
The refurbishment of the FPSO will take place in Dubai, after the arrival of the jack-up platform, which is currently en route from Singapore to the Middle East. The expectation is that the unit will arrive at its destination before the end of 2025, starting the conversion and adaptation work.
The FPSO is one of the most important assets of the project as it concentrates the processing and storage operations of the produced oil. Its technical adequacy is essential to ensure operational safety, efficiency, and compliance with Brazilian regulatory requirements.
Following the completion of the refurbishments, the FPSO will be integrated with the Maromba B platform, forming the operational core of the field. This arrangement will enable BW Energy to gradually and controllably reach the planned production volume.
Production Schedule and Goals for the Maromba Field
According to BW Energy, first oil production is expected by the end of 2027. The expectation is that the field will reach a plateau of approximately 60,000 barrels per day, a significant volume for a project developed by an independent operator.
This level of production places the Maromba Field among the most relevant offshore assets in development in Brazil outside the pre-salt. Additionally, it contributes to diversifying the national production base, especially in a context of maturing older fields.
Meeting the schedule is directly dependent on the delivery of the platform and the FPSO, as well as the completion of drilling activities and the connection of the producing wells.
Impacts of the Multi-Million Dollar Contract on the Brazilian Market
The signing of the multi-million dollar contract by BW Energy has implications that go beyond the project itself. The advancement of the Maromba Field reinforces Brazil’s attractiveness for offshore investments, especially in shallow water projects that require specific technical solutions.
Furthermore, the development of the field is likely to generate positive impacts on the supply chain, including engineering services, logistics, maintenance, and marine support. Projects of this size often stimulate local and regional economies, even though much of the construction occurs abroad.
The Brazilian oil and gas sector, historically concentrated in the pre-salt, also benefits from the diversification of projects, which broadens opportunities for companies of various profiles and sizes.
BW Energy Expands Presence in Brazil With a Focus on the Long Term
The strategy of BW Energy in Brazil demonstrates a long-term commitment to the country. By consistently investing in the Maromba Field and structuring robust financing, the company signals its intention to consolidate its position as a relevant operator in the national offshore market.
This move comes at a time when Brazil seeks to maintain high production levels and attract new investments to offset the natural decline of mature fields. Projects like Maromba are essential for this balance.
Moreover, the choice of a 10-year lease agreement with payments tied to production shows a cautious approach aligned with best industry practices.
A Project That Redefines BW Energy’s Role in the Country
The advancement of the Maromba Field marks a new phase for BW Energy in Brazil. The multi-million dollar lease contract, integration with a refurbished FPSO, and ambitious production target position the project as one of the most relevant developments in the country outside the pre-salt.
With production set to begin in 2027, the field has the potential to consistently contribute to the national oil production over the next decade. At the same time, it strengthens BW Energy’s position as an operator capable of executing complex projects in challenging offshore environments.
In a sector marked by high investments and long payback cycles, the Maromba Field represents a strategic bet based on financial planning, integrated engineering, and solid partnerships, consolidating Brazil as a key market in the company’s global portfolio.
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