BW Energy has reached final investment decision (FID) for its $1.5 billion Maromba development offshore Brazil and will begin contracting long-lead items and services.
BW announced the decision on 5 May for the heavy-oil project, which will use an integrated drilling and wellhead platform (WHP) and a refurbished floating production, storage, and offloading (FPSO) vessel.
The operator of the shallow-water field said it is moving through the steps necessary to gain development approval from Agência Nacional do Petróleo, Gás Natural e Biocombustíveis, and Brazilian Institute of the Environment and Renewable Natural Resources. In addition to contracting long-lead items, the company is finalizing the financing agreements.
BW Energy expects to invest about $1 billion in the Campos Basin project before first oil, $200 million more to complete the initial drilling campaign before end 2028, and $300 million for six wells in the second campaign before the end of 2030. The second drilling campaign will leverage established field infrastructure and allow for appraisal and testing of other reservoir horizons.
First oil from the project in about 150 m water depth is expected by the end of 2027 with expected plateau production of 60,000 BOPD from Maastrichtian sands.
BW plans to acquire and convert a Gorilla-class drilling jackup into the WHP. It will accommodate up to 16 well slots and production and test flowlines connected to the FPSO BW Maromba. The vessel, formerly the FPSO Polvo and purchased from BW Offshore, is at the COSCO yard in China for upgrades and refurbishment. The FPSO was previously deployed at the Polvo field, near the Maromba field, which has similar oil and reservoir characteristics.
The FPSO will have 1 million bbl of storage capacity. Its oil production capacity will be 65,000 BOPD with water treatment capacity of 85,000 BWPD. It will be spread-moored.
BW is acquiring a jackup with complete leg extensions for $107.5 million, and it will undergo a limited conversion to serve as an integrated drilling and WHP ahead of installation on the field.
Repurposing existing energy infrastructure is lowering the investment requirement and shortening the time to first oil, BW CEO Carl K. Arnet said in a press release.
“We have spent time on optimizing the Maromba development plan and concluded on a highly competitive concept with a repurposed jackup platform and FPSO, repeating the approach we very successfully applied in Gabon” with the Dussafu project, he said. Breakeven for the project is around $40/bbl Brent.
The first phase plan calls for six horizontal production wells into Maastrichtian sands. The dry- tree wells will use electric submersible pumps for artificial lift. The second-phase campaign from the WHP will drill infill wells and potential water injectors and create the opportunity for appraisal and production of multiple proven reservoirs outside the main Maastrichtian resources.
Between 1980 and 2006, nine wells were drilled in the license containing the Maromba field. Eight of those wells found oil. There are 500 million bbl of oil in place, and the Maromba development targets 123 million bbl of 2P reserves, with potential additional resources from other reservoirs to be appraised during later development phases.
BW operates the Maromba development with 100% interest, although Magma Oil holds a 5% back-in right in the Maromba license that is expected to be executed upon first oil.
