After Delay, BW Energy Expects Closing of Petrobras' Oil Field Acquisition in Q2 2023

Oslo-listed oil and gas company BW Energy said Thursday the process to acquire Petrobras' interests in Golfinho and Camarupim deepwater oil fields and the related FPSO from Saipem was about to resume.

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 of all the concessions. 

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

Both transactions were expected to close in the first quarter of 2023.

However, as reported on March 2, the transaction was paused as the Brazilian ministry had ordered a review of Petrobras' divestment program.

"BW Energy has today been informed that the work related to the Golfinho transactions can be restarted," BW Energy said Thursday.

BW Energy said Thursday it would continue to prepare for the closing of its acquisition of a 100% operated working interest (WI) in the Golfinho and Camarupim Clusters and 65% WI in the BM-ES-23 block from Petrobras, as well as taking over the FPSO Cidade de Vitoria from Saipem.

The preparation work includes progressing relevant approvals from the Brazilian authorities, operational preparedness, field development planning, and build-up of the local BW Energy organization. 

Closing the field transaction and FPSO takeover is subject to fulfillment or waiver of conditions precedent and the restart of the FPSO after upgrades required by ANP, the Brazilian oil and gas industry regulator. 

According to BW Energy, the transactions are expected to close in the second quarter of 2023.

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