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The Transfer of Petrobras’ Maritime Concessions in the Golfinho and Camarupim Poles to BW Energy Marks a Strategic Move Aimed at Asset Optimization and Greater Focus on the Company’s Core Operations. It Also Highlights the Ongoing Evolution of the Energy and Exploration Sector in Brazil.
Petrobras announced this past Monday (28/08) the successful transfer of its stake in the Golfinho and Camarupim maritime concessions, located in the Espírito Santo Basin, to BW Energy Maromba do Brasil Ltda (BWE). The completion of this deal marks a significant step in Petrobras’ strategy to optimize its assets and focus on strategic areas.
US$ 12.2 Million Deal Solidifies BWE’s Position in Deep Waters of the Espírito Santo Basin
After fulfilling the contractual conditions stipulated in the binding agreements signed in June 2022, Petrobras finalized the transfer of these concessions to BWE.
The transaction amounted to US$ 12.2 million, with US$ 3 million already paid at the time of the contract signing.
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Petrobras could also receive up to US$ 60 million in contingent payments, subject to future Brent oil prices and the development of the assets.
With this transfer, BWE takes over as the operator of the maritime concessions that comprise the Golfinho and Camarupim Poles.
The Golfinho Pole includes oil and gas production fields not associated with each other, located in water depths between 1,300 m and 2,200 m.
Meanwhile, the Camarupim Pole, located in water depths between 100 m and 1,050 m, includes non-associated gas unitized fields.
Transfer Does Not Affect Petrobras’ Commitments in Espírito Santo and BWE Takes Over Operation of the Maritime Fields
The transfer of these fields does not affect Petrobras’ other operations in the region, including the important Whale Park and six exploratory areas in deep waters.
The company reiterated its commitment to investment in the state of Espírito Santo, emphasizing the deployment of the production unit at the Jubarte Field (FPSO Maria Quitéria) and the interconnection of new wells, aiming to increase its production by 2027.
The transaction follows Petrobras’ internal guidelines and the special procedure for the transfer of exploration, development, and production rights of hydrocarbons, according to Decree 9,355/2018.
The company continues to maintain its operations in other sectors of the state, including natural gas processing units and the Barra do Riacho Marine Terminal.
About BWE
It is worth noting that it is a wholly-owned subsidiary of BW Energy Ltd., an exploration and production (E&P) company that focuses on low-risk oil reservoirs, aiming for a staged development and utilizing existing production facilities.
