Brazilian oil and gas regulator National Agency of Petroleum, Natural Gas, and Biofuels (ANP) has extended BW Energy’s contract for Golfinho—the first deepwater project in the Espirito Santo Basin—to 2042.
BW Energy acquired the Golfinho production license from Petrobras, the field’s original operator, in August 2023 and acquired the FPSO Cidade de Vitoria from Saipem in November 2023 after agreeing to the deal in 2022.
The company, which operates Golfinho with 100% interest, announced on 2 April the license’s production phase was previously set to expire in 2031 but had been extended to 2042 after ANP approved the operator’s field development plan in November 2024.
The field has six producing subsea wells in Campanian and Maastrichtian-aged reservoirs tied to the FPSO.
“The extension supports our long-term plans for developing the Golfinho field, initially through improved operational performance of existing infrastructure and later targeting several proven low-risk in-field development opportunities. We see a significant potential for long-term value creation at Golfinho,” BW Energy CEO Carl K. Arnet said in a press release.
The company said in its third quarter 2023 results that its focus in Brazil is on optimizing field production, which includes stabilizing FPSO performance and carrying out selected well workovers. In its fourth quarter 2024 presentation, it emphasized a focus on optimizing current production capacity and operating costs, which were $56.40/bbl excluding royalties.
Total production in the fourth quarter of 2024 was around 585,000 bbl, up from the third quarter by 17%, but the company said maintenance on a Petrobras gas import pipeline left only the wells with electrical submersible pumps (ESP) producing. This planned shutdown by Petrobras restricted gas lift capacity at Golfinho for about 40 days, and the remaining ESP well production was about 60% of the field’s full potential, the company said.
At the time of BW’s offer for the Golfinho and Camarupim clusters in 2022, the company estimated they held 38 million BOE of proven recoverable resources, predominantly oil, of which half was developed and producing with the remainder being undeveloped and identified as infill opportunities. BW also said it had identified 700 Bcf of recoverable gas accumulations for potential future development.
Also in 2022, BW said it was purchasing the FPSO for $73 million to accelerate its buildup of a local operating organization in Brazil and increase stakeholder engagement ahead of the Maromba development. When BW closed on the FPSO in 2023, it was producing about 10,000 BOPD from the Golfinho field. Its production capacity is 100,000 BOPD with additional capacity for gas production and compression and storage of 1.6 million bbl.
The Golfinho field in BM-ES-23 block is in water depths ranging from 1300 to 2200 m. Discovered in 2003, it has been in production since 2007. Petrobras said in OTC 19085, which outlined the original development scheme, that it considered the discovery important because it was the first deepwater oil field in the Espírito Santo Basin with technical and commercial viability. Petrobras described its strategy for bringing this field on-stream 19 days ahead of schedule in OTC 19086.
Maromba Moves
In other news, BW Energy said its proposed $1.2 billion Maromba development in 160-m water depth in the Campos Basin offshore Brazil should reach final investment decision in early 2025 with field delivery in third quarter 2027.

The development plan calls for a wellhead platform, which BW has described as being near completion.
In its third quarter 2024 results, BW said the Maromba development targets low-risk barrels in an oil-rich area with multiple producing assets. The concept reuses an FPSO and a jackup with drilling capacity and dry trees to efficiently develop the field and achieve a short payback time. Initial output of 50,000 BOPD is expected.
The BW Maromba FPSO is at the COSCO yard in China where upgrades and refurbishment work has begun. The FPSO was formerly the FPSO Polvo, which BW Energy purchased from BW Offshore. The Polvo field is located close to the Maromba field and has similar oil and reservoir characteristics.
For Further Reading
OTC 19085 Golfinho Field—Discovery, Development, and Future Prospects by P. Vieira, C. Bruhn, C. Santos, A. Del Rey, and R. Alves, Petrobras.
OTC 19086 Golfinho Project—Strategy and Execution by I. Lima, N. de Rossi, R. Serro, E. Carrascosa, and C. Lima, Petrobras.