BW Energy has confirmed the final investment decision (FID) for the development of the Maromba field, located in the Campos Basin, 100 km offshore Brazil. The strategy contemplates a total investment of US$1.5 billion, and is based on the reuse of existing infrastructure, replicating the approach previously applied in Gabon.
Modular and cost-effective production in the Maromba field
The project includes a reconditioned FPSO unit – the BW Maromba – and a self-elevating self-elevating platform wellhead and drilling platform (WHP). This combination will allow for modular development, with six initial wells targeting the Maastricht sands, and a second campaign planned to expand the reservoir’s potential.
[post_relacionado]First production is scheduled for the end of 2027, with a target of 60,000 barrels of oil per day. BW Energy anticipates that this figure will double its current net production by 2028. In addition, it estimates a production cost of less than $10 per barrel for the first five years.
The platform will drill up to 16 wells, and the infrastructure is expected to facilitate future expansion phases at low additional cost. Maromba heavy crude will trade at a discount to Brent, but the projected breakeven is competitive even in low price scenarios.
Maromba moves forward with renewed FPSO
Currently, FPSO refurbishment work is being carried out at the COSCO COSCO shipyardshipyard in China. This vessel will have a storage capacity of one million barrels and will be able to process up to 100,000 barrels of liquids per day.
The financing will combine operating cash flow, available lines of credit and support from major shareholder BW Group, which has already committed a US$250 million loan. BW Energy is also exploring alternatives such as structured financing and bond issues.
The Maromba field field has 123 million barrels of proved reserves (2P) and additional contingent resources. The company expects this phase to validate additional reservoir horizons and open up new offshore development opportunities in Brazil.
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Source: BW Energy
Photo: Shutterstock