View of Golfinho and Camarupim

View of the Golfinho and Camarupim groups off the coast of Brazil certified by Petrobras

BW Energy has been informed that the company’s bid to acquire Golfinho and Camarupim Clusters outside Brazil has been approved by Petrobras’ Executive Board. The acquisition is expected to add approximately 9,000 boe/d of oil production as of early 2023. The Golfinho Cluster Group has several proven low-risk development opportunities in the field with short lead times and a significant long-term potential from proven gas accumulations.

The transaction is subject to the fulfillment or waiver of preconditions with an expected closing date and an effective date of the first quarter of 2023.


  • Acquisition of 100% operating interest (“WI”) in the Golfinho and Camarupim blocks and 65% WI in the BM-ES-23 block
  • $15 million in initial cash considerations and up to $60 million in contingency payments linked to the oil price, well operations and further successful development of the purchased assets
  • The company’s internal estimate is 38 million barrels of oil equivalent of proven recoverable resources, mostly oil, of which 19 million barrels of oil have been developed and produced and 19 million barrels of oil are undeveloped and identified.
  • The company has identified an additional 0.7 trillion cubic feet of recoverable gas accumulation for potential future development
  • Establishing a strong working relationship with Brazilian regulators will open up significant synergies ahead of the development of Marumba
  • The transaction will be funded by BW Energy’s cash flow and current liquidity

“Golfinho offers continuous material production and cash flow in Brazil at an attractive price with significant upside potential in near field exploration and phased developments. It will diversify our production base, accelerate the building of the local operating organization and provide a solid working relationship with Brazilian stakeholders prior to the development of Marumba,” said Karl K. Arnett, President Executive Director of BW Energy.

The Golfinho Cluster is located at a water depth of 1300-2200 meters in the Espiritu Santo basin. Adjoining is the BM-ES-23 exploration block that holds the Brigadeiro gas and condensate discovery. The neighboring Camarupim Cluster is also located in water depths of 100-1050 metres, and includes the two non-producing gas fields of Camarupim and Camarupim Norte.

Details of the transaction

BW Energy will acquire 100% WI in the Golfinho and Camarupim groups and 65% WI in the BM-ES-23 block for an initial cash amount for Petrobras of $3 million upon signing and $12 million on closing. In addition, the Company has agreed to post-closing contingency payments of up to $60 million linked to the oil price and production volume (from existing producing assets and undeveloped resource development/gas accumulations).

BW Energy will be the operator across all concessions, with PTTEP (20% WI) and Inpex (15% WI) as block partners in BM-ES-23. Upon closing, BW Energy will be responsible for giving up the field to the FPSO platform, subsea system and 13 wells, of which Petrobras will share the cost of four wells.

For more information, please contact:

Knut R
CFO BW Energy
+47 91 11 78 76
[email protected]

About BW Power:

BW Energy is a growth exploration and production company with a differentiated strategy targeting proven offshore oil and gas reservoirs through low-risk phased developments. The company has access to existing production, storage and offloading operations to reduce time to oil and first cash flow with less investment than traditional offshore developments. The main assets are 73.5% of the Dussafu offshore license produced off the coast of Gabon and a 95% stake in the Marumba field in Brazil, both of which are operated by the company. 2P + 2C net reserves totaled 240 million barrels at the beginning of 2022.

This information is considered inside information in accordance with the Market Abuse Regulations of the European Union and is subject to disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Exchange Act. This stock exchange statement was published by Regine Andersen, ICT Support, June 24, 2022

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