BW Energy's Brazilian Oil Field Purchase Faces Delay Amidst Petrobras' Divestment Program Review

March 2, 2023

World Energy Reports LLC.
cidade-vitoria-credit-marinetrafficcom-133236.jpg

Oslo-listed oil and gas company BW Energy said its planned acquisitions of Petrobras' working interest in Golfinho and Camarupim deepwater oil fields, and the related FPSO from Saipem, were facing delays as a Brazilian ministry has ordered a review of Petrobras divestment program.

"BW Energy has been informed by Petrobras of a review of the Golfinho and Camarupim Clusters transactions as part of a wider analysis of Petrobras' ongoing divestment program initiated by the Ministry of Mines and Energy (MME) in Brazil," BW Energy said.

The company said that MME had requested a suspension of ongoing sales of assets for 90 days without putting Petrobras' interests at risk, according to a Petrobras filing with the U.S. Securities and Exchange Commission which includes a letter from the Brazilian Ministry of Mines and Energy (MME) dated February 28, 2023.

In June 2022, BW Energy signed an agreement to acquire 100% working interest (WI) in the Golfinho and Camarupim Clusters and 65% WI in the BM-ES-23 block offshore Brazil from Petrobras. BW Energy will be the operator in all the concessions. 

BW Energy also agreed to buy the FPSO Cidade de Vitoria, producing on the Golfinho field, from Saipem.

Both transactions, subject to fulfilment of waiver of conditions precedent, were expected to close in in the first quarter of 2023.

"It is anticipated that that the MME's general suspension request may result in a delay to the closing of the transactions. BW Energy will keep the market updated on developments relating to the suspension request when and if appropriate," BW Energy said.

Floating Production Week delivers unrivaled overview, insight and analysis to the Offshore Floating Production Systems and Technology market

Floating Production Systems Report And Online Database

  • Annual five year outlook and forecast – At the start of each year we prepare a detailed assessment of future deepwater development and forecast the pace of orders for floating production systems over the next five years. Our 2021 annual report looks at market conditions likely to prevail through 2025 and provides our assessment of which of the 200+ floater projects in the planning queue will reach the final investment decision by end-2025
  • Monthly reports - Our monthly reports provide a detailed snapshot of the business sector as of the middle of each month. More than 100 pages of data and industry analysis each month. Excel spreadsheets with each report enable subscribers to tailor the data presentation to their needs. In our May report we revisit the annual forecast and make revisions as needed.
  • Online database - The online database is updated every day – with information direct from primary sources. In the database are details for 200+planned projects, 390+ installations in service, 40+ floaters on order and 40+ floaters available. The database is fully searchable. Customized charts and spreadsheets can be directly produced from the database. Data are easily exported to excel spreadsheet.
  • Customer support - We are available to assist with technical questions about information in the database and reports -- and assist with any questions about using the database search tools.

Here's what you get!

Request a Demo