Norway’s BW Energy has made a final investment decision (FID) for the Maromba development offshore Brazil worth around $1.5bn. The development targets 500m barrels of oil in place, and first oil is planned by the end of 2027 with expected plateau production of 60,000 barrels of oil per day. The development will more than double BW Energy’s total net production by 2028 and has a short pay-back time. The development involves an initial six production wells from the wellhead platform, converted from a drilling jackup with up to 16 well slots and flowlines. BW Energy agreed to acquire a jackup with complete leg extensions for $107.5m for that purpose. The well slots and flowlines will be connected to the redeployed FPSO BW Maromba, formerly known as Polvo. The FPSO refurbishment and life extension work is already underway at the COSCO yard in China. The FPSO is designed with 1m barrels of storage capacity. The total liquid capacity will be 100,000 barrels per day, with oil production capacity of 65,000 barrels per day and water treatment capacity of 85,000 barrels per day. The $1.5bn investment will be split up, and around $1.2bn will be spent on the initial development while a further $300m will go to the secondary drilling campaign. BW Energy anticipates Maromba to achieve a competitive production cost, averaging less than $10 per barrel over the first five years, underpinning robust project economics. The heavy oil from the project is expected to trade at a discount to Brent of approximately $7.5 per barrel. The Maromba field is located 100 km off the Brazilian coast in the Campos Basin. BW Energy acquired 100% ownership in Maromba in 2019 for a total of $115m. Magma Oil holds a 5% back-in right in the Maromba licence, which is expected to be executed upon first oil. googletag.cmd.push(function() { googletag.display('div-gpt-ad-1_95_0_1_2'); }); TagsBrazil Norway