Long-Term Offshore Production Secured

BW Energy, an Oslo Stock Exchange-listed oil and gas exploration and production company, has received regulatory approval to extend the production phase of its Golfinho asset in the Espírito Santo Basin off Brazil’s coast. The Brazilian oil and gas regulator, ANP, has approved an extension from 2031 to 2042, allowing BW Energy to continue offshore operations for nearly two more decades.

The approval follows BW Energy’s acquisition of the Golfinho and Camarupim clusters in August 2023, making it the sole operator of the Golfinho license with full ownership. Situated in water depths between 1,300 and 2,200 meters, the field has been producing hydrocarbons since 2007. BW Energy also took over the operations of the FPSO Cidade de Vitória in November 2023, ensuring continued production from the site.

Future Development Plans and Expansion

The extension aligns with BW Energy’s long-term development plans for the Golfinho field, as stated by CEO Carl K. Arnet. “The extension supports our long-term plans for developing the Golfinho field, initially through improved operational performance of existing infrastructure and later targeting several proven low-risk in-field development opportunities. We see significant potential for long-term value creation at Golfinho,” Arnet remarked.

The Golfinho cluster includes the Golfinho oil field, the Canapu non-associated gas field, and the BM-ES-23 exploration block, which contains the Brigadeiro gas and condensate discovery. Additionally, the adjacent Camarupim cluster, located in water depths between 100 and 1,050 meters, consists of the non-producing gas fields of Camarupim and Camarupim Norte. With a storage capacity of 1.6 million barrels, the FPSO Cidade de Vitória can produce over 100,000 barrels of oil daily, along with additional gas production and compression capabilities.

BW Energy’s Broader Operations

Beyond its operations in Brazil, BW Energy is actively developing its offshore assets in Africa. The company is preparing to drill the Kharas prospect within the Kudu license while recently making a new oil discovery in the Dussafu license off the coast of Gabon. These ongoing developments demonstrate BW Energy’s strategic expansion and commitment to maximizing production from its global assets.

The extension of the Golfinho production license marks a significant milestone for BW Energy, ensuring the sustainability of its offshore operations and enhancing long-term investment potential in Brazil’s oil and gas sector.