BW Energy’s offer for Golfinho and Camarupim Clusters offshore Brazil approved by Petrobras

BW Energy has been notified that the Company’s offer to acquire the Golfinho and Camarupim Clusters offshore Brazil has been approved by the Petrobras Executive Board. The acquisition is expected to add approximately 9,000 barrels of oil per day of oil production from early 2023. The Golfinho Cluster has several proven low risk in-field development opportunities with short lead times and substantial potential long-term upside from proven gas accumulations.

The transaction is subject to fulfilment or waiver of conditions precedent with an expected closing and effective date in the first quarter of 2023.


  • Acquisition of 100% operated working interest (“WI”) in the Golfinho and Camarupim clusters and 65% WI in the BM-ES-23 block
  • USD 15 million in initial cash considerations and up to USD 60 million in contingent payments linked to oil price, well operations and further successful development of the acquired assets
  • The Company’s internal estimate is 38 million boe of proven recoverable resources, predominantly oil, of which 19 million boe developed and producing and 19 million boe undeveloped, defined infill opportunities
  • The Company has identified a further 0.7 Tcf of recoverable gas accumulations for potential future development
  • Establishing a solid working relationship with Brazilian regulators will unlock significant synergies ahead of the Maromba development
  • The transaction will be financed through BW Energy’s cash flow and existing liquidity

“Golfinho offers material ongoing production and cashflow 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 build-up of the local operating organisation and provide an established working relationship with Brazilian stakeholders ahead of the Maromba development,“ said Carl K. Arnet, the CEO of BW Energy.

The Golfinho Cluster is located at a water depth between 1,300 and 2,200 meters in the Espírito Santo Basin. Adjacent is the BM-ES-23 exploration block which holds the Brigadeiro gas and condensate discovery. The Camarupim Cluster is also adjacent and located in water depths between 100 and 1,050 meters, comprising the non-producing gas fields of Camarupim and Camarupim Norte.

Transaction details

BW Energy will acquire the 100% operated WI in the Golfinho and Camarupim clusters and the 65% WI in the BM-ES-23 block for an initial cash consideration to Petrobras of USD 3 million at signing and USD 12 million at closing. Additionally, the Company has agreed contingent payments after closing of up to USD 60 million tied to oil price and production volume (from current producing assets and development of proven undeveloped resources/gas accumulations).

BW Energy will be the operator in all the concessions, with PTTEP (20% WI) and Inpex (15% WI) as partners in the BM-ES-23 block.  BW Energy will, upon closing, assume field abandonment liability for the FPSO, the subsea system and 13 wells, of which Petrobras will share the cost of four wells.

For further information, please contact:

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

About BW Energy:

BW Energy is a growth E&P company with a differentiated strategy targeting proven offshore oil and gas reservoirs through low risk phased developments. The Company has access to existing FPSOs to reduce time to first oil and cashflow with lower investments than traditional offshore developments. The main assets are 73.5% of the producing Dussafu Marine Permit offshore Gabon and a 95% interest in the Maromba field in Brazil, both operated by the Company. Total net 2P+2C reserves were 240 million barrels at the start of 2022.

This information is considered inside information pursuant to the EU Market Abuse Regulation and is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act. This stock exchange release was published by Regine Andersen, IT and Communication Support, 24 June 2022.