Petrobras Gives Green Light for Sale of Golfinho and Camarupim Fields in the Espírito Santo Basin to BW Energy

After a Long Analysis of the Process, Petrobras’ Management Announced the Approval of the Sale of the Golfinho and Camarupim Fields, Both Located in the Espírito Santo Basin, to BW Energy, Which Now Aims to Focus on Oil Exploration.

On the morning of this Thursday, (06/23), the management of the Brazilian state-owned company Petrobras gave the green light for the sale of the oil fields of Golfinho and Camarupim, located in the Espírito Santo Basin, in the state of Espírito Santo, to the energy company BW Energy. Thus, the oil company continues its divestment plan in Brazilian oil fields and aims to attract new business for the concession of the areas.

Petrobras’ Management Approves the Sale of the Oil Fields of Golfinho and Camarupim, Located in the Espírito Santo Basin, to BW Energy

After an analysis of the deal by the company’s technicians, the management of state-owned Petrobras approved a deal of about US$ 75 million with the energy company BW Energy this Thursday. This involves the sale of the oil fields of Golfinho and Camarupim, located in the Espírito Santo Basin, which will now be part of the energy company’s portfolio of ventures for a greater focus on the exploration and commercialization of fuel in the region.

Both oil fields are located in deep waters of the post-salt layer in the Espírito Santo Basin and could contribute to BW Energy’s growth in the fuel segment in Brazil.

Furthermore, Petrobras announced that the signing and completion of the purchase and sale contract for the fields will be announced soon, as the approval from the state-owned company’s management expedited the process. In the total transaction value, US$ 3 million will be paid at the signing of the purchase and sale contracts and US$ 12 million at the closing of the transaction.

Additionally, the remaining US$ 60 million will be paid in future contingent installments, depending on future Brent crude prices, which is the measure used for oil commercialization worldwide. Now, the transaction for the sale of the Golfinho and Camarupim fields in the Espírito Santo Basin is still subject to approval by the Administrative Council for Economic Defense (Cade) and the National Agency for Oil, Natural Gas and Biofuels (ANP) for the formal completion of the purchase and sale contract.

Golfinho and Camarupim Fields Will Provide BW Energy with a New Growth Perspective in the Oil Sector with Exploration of the Espírito Santo Basin

The fields involved in the Petrobras transaction with BW Energy hold significant relevance in the current oil market and could contribute positively to the growth of the energy company.

The Golfinho Hub includes the Golfinho field, producing oil, and Canapu, responsible for natural gas production, as well as the exploratory block BM-ES23. Meanwhile, the Camarupim Hub includes the unitized fields of Camarupim and Camarupim Norte, both producers of non-associated gas in the region.

Thus, the state-owned company intends to utilize the oil fields in the Espírito Santo Basin as a means to expand its divestment project in the structures, as it holds a 100% stake in all locations, except for the block BM-ES-23. This is because the oil company holds a 65% majority stake, in partnership with PTTEP (20%) and INPEX (15%), but intends to divest its entire stake in the location through the contract with the energy company.

In this way, BW Energy will be able to make future investments in the expansion of oil and natural gas production and utilization in the Espírito Santo Basin and find a new direction in the fuel market in Brazil and worldwide, attracting business for this segment.