Oslo Stock Exchange-listed oil and gas E&P company BW Energy has cheered the stamp of approval for the extension of a license production phase to 2042 for its asset in the Espírito Santo Basin off the coast of Brazil.
Following the acquisition of the Golfinho and Camarupim clusters in August 2023 , BW Energy became the operator with 100% working interest in the Golfinho license, which is located in the Espírito Santo Basin within water depths between 1,300 and 2,200 meters.
The hydrocarbons are produced using the FPSO Cidade de Vitória , which the company brought into its fold and has operated since November 2023 . This field has been producing hydrocarbons since 2007.
Thanks to the extension of the Golfinho license by the Brazilian oil and gas regulator, ANP, the production phase under the concession contract has been extended to 2042 from 2031 previously, following ANP’s approval of BW Energy’s field development plan in November 2024.
Carl K. Arnet , CEO of BW Energy, commented: “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.”
The Golfinho cluster encapsulates the Golfinho oil field, the Canapu non-associated gas field, and the exploration block BM-ES-23, which holds the Brigadeiro gas and condensate discovery. On the other hand, the adjacent Camarupim cluster is located in water depths between 100 and 1,050 meters, comprising the non-producing gas fields of Camarupim and Camarupim Norte .
The FPSO Cidade de Vitoria has 1.6 million barrels of storage capacity and can produce more than 100,000 barrels of oil per day with additional capacity for gas production and compression.
BW Energy is also busy with its assets offshore Africa and intends to drill the Kharas prospect within the Kudu license. Recently, the firm made an oil discovery in the Dussafu license off the coast of Gabon.