Page 14 - LatAmOil Week 25 2022

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with Brazilian regulators will unlock significant system and 13 wells, of which Petrobras will
INVESTMENT synergies ahead of the Maromba development. share the cost of four wells.
The transaction will be financed through BW About BW Energy: BW Energy is a growth
Offer for Golfinho Energy’s cash flow and existing liquidity. E&P company with a differentiated strategy
targeting proven offshore oil and gas reser-
“Golfinho offers material ongoing produc-
and Camarupim clusters tion and cashflow in Brazil at an attractive price voirs through low risk phased developments.
with significant upside potential in near-field The Company has access to existing FPSOs to
offshore Brazil approved exploration and phased developments. It will reduce time to first oil and cashflow with lower
diversify our production base, accelerate the investments than traditional offshore develop-
by Petrobras build-up of the local operating organisation and ments. The main assets are 73.5% of the produc-
provide an established working relationship with ing Dussafu Marine Permit offshore Gabon and
BW Energy has been notified that the Company’s Brazilian stakeholders ahead of the Maromba a 95% interest in the Maromba field in Brazil,
offer to acquire the Golfinho and Camarupim development,” said Carl K. Arnet, the CEO of both operated by the Company. Total net 2P+2C
Clusters offshore Brazil has been approved by BW Energy. reserves were 240mn barrels at the start of 2022.
the Petrobras Executive Board. The acquisition The Golfinho Cluster is located at a water BW Energy, June 23 2022
is expected to add approximately 9,000 barrels depth between 1,300 and 2,200 metres in the
per day (bpd) of oil production from early 2023. Espírito Santo Basin. Adjacent is the BM-ES-23 Petrobras on the sale
The Golfinho Cluster has several proven low risk exploration block which holds the Brigadeiro
in-field development opportunities with short gas and condensate discovery. The Camarupim of E&P assets in the
lead times and substantial potential long-term Cluster is also adjacent and located in water
upside from proven gas accumulations. depths between 100 and 1,050 metres, compris- Espírito Santo Basin
The transaction is subject to fulfilment or ing the non-producing gas fields of Camarupim
waiver of conditions precedent with an expected and Camarupim Norte. Petrobras, following up on the release disclosed
closing and effective date in the first quarter of Transaction details: BW Energy will acquire on June 14, 2022, informs that its Executive
2023. the 100% operated WI in the Golfinho and Board, in a meeting held today, approved the
Highlights: Acquisition of 100% operated Camarupim clusters and the 65% WI in the sale of its total stake in the maritime concessions
working interest (WI) in the Golfinho and BM-ES-23 block for an initial cash considera- groups named Golfinho Cluster and Cama-
Camarupim clusters and 65% WI in the BM-ES- tion to Petrobras of $3mn at signing and $12mn rupim Cluster, in the post-salt deep waters,
23 block. $15mn in initial cash considerations at closing. located in the Espírito Santo Basin, to the com-
and up to $60mn in contingent payments linked Additionally, the Company has agreed pany BW Energy Maromba do Brasil (BWE).
to oil price, well operations and further success- contingent payments after closing of up to The signing of the sale and purchase agreement
ful development of the acquired assets. $60mn tied to oil price and production volume and the subsequent steps will be disclosed to the
The Company’s internal estimate is 38mn (from current producing assets and develop- market in due course.
boe of proven recoverable resources, predom- ment of proven undeveloped resources/gas The total amount of the sale is up to $75mn,
inantly oil, of which 19mn boe developed and accumulations). being (a) $3mn paid on the date of the signing
producing and 19mn boe undeveloped, defined BW Energy will be the operator in all the the sale and purchase agreements, (b) $12mn to
infill opportunities. The Company has identified concessions, with PTTEP (20% WI) and Inpex be paid at the closing of the transaction, and (c)
a further 700 bcf (19.8 bcm) of recoverable gas (15% WI) as partners in the BM-ES-23 block. up to $60mn in contingent payments, depending
accumulations for potential future development. BW Energy will, upon closing, assume field on future Brent prices and asset development.
Establishing a solid working relationship abandonment liability for the FPSO, the subsea The amounts do not consider adjustments
due until the closing of the transaction, which
is subject to compliance with certain precedent
conditions, such as the approval by the Admin-
istrative Council for Economic Defense (CADE)
and National Agency of Petroleum, Natural Gas
and Biofuels (ANP).
This disclosure is in accordance with Petro-
bras’ internal rules and the provisions of the
special procedure for the assignment of rights of
exploration, development and production of oil,
natural gas and other fluid hydrocarbons, pro-
vided for in Decree 9,355/2018.
This operation is aligned with the portfolio
management strategy and the improved alloca-
tion of the company’s capital, aiming to maxim-
ise value and a greater return to society.
About Golfinho and Camarupim Cluster:
Golfinho Cluster is located in water depths
between 1,300 metres and 2,200 metres, com-
prising the Golfinho field, an oil producer, and
the Canapu field, a non-associated gas producer,
and the exploration block BM-ES-23.

P14 www. NEWSBASE .com Week 25 23•June•2022