Oslo-listed FPSO operator BW Offshore is planning to enter into agreements to acquire 100% of the Maromba field off the Brazilian coast from current owners Petrobras (70%) and Chevron (30%).

A BW Offshore said on Monday that the closing of the acquisition is subject to board approvals and fulfillment or waiver of conditions precedent, including approval by the National Petroleum, Natural Gas and Biofuels Agency (ANP) to close the transaction and consider BW Offshore as an approved operator in Brazil.

The Maromba field is located on the Brazilian coast, in the Campos Basin, at a water depth of 160 meters.

The company added that it will provide more information after signing the agreements.

Petrobras announced its plan to sell its stake in the Maromba field in July 2017 and the mandatory phase regarding the transfer of Petrobras and Chevron's stake in the Maromba field began in October of the same year.

For Petrobras, the potential transaction is an opportunity to develop and monetize a heavy oil discovery in shallow waters, close to the Peregrino and Papa-Terra producing fields.

This would not be BW Offshore's first venture in oil and gas exploration. Notably, BW Offshore's subsidiary, BW Energy, is the license operator for Dussafu located offshore Gabon.

In August, the company made an oil discovery in the Ruche North East Marin-1 well, drilled in the Dussafu Marin PSC.