BW Energy Buys Saipem FPSO Working On Golfinho Field

BW Energy Buys Saipem FPSO Working On Golfinho Field
Saipem has sold the FPSO Cidade de Vitoria to BW Energy, currently working for Petrobras in the Golfinho field offshore Brazil.

Italian company Saipem and BW Energy signed a Memorandum of Agreement (MoA) for the sale of the FPSO Cidade de Vitoria, currently owned by Saipem and operated for Petrobras in the Golfinho field offshore Brazil.

The sale of the FPSO is subject to the closing of the acquisition by BW Energy of the 100 percent operating working interest in the Golfinho field from Petrobras expected to occur in the first quarter of 2023.

Under the MoA, BW Energy will pay Saipem $73 million of which $25 million is due at the Golfinho transaction closing, $13 million is due at FPSO takeover and customs clearance, expected in 2023, and $35 million will be paid in 18 monthly installments following the takeover. 

Considering the terms of the Golfinho transaction, the current lease and operate contract between Saipem and Petrobras – which would have expired in February 2023 – has been extended until the FPSO takeover, or June 2024, whichever comes first.

According to Saipem, this agreement is in line with the assumptions of the Italian company’s 2022-25 strategic plan.

As for BW Energy’s acquisition of the Golfinho field, Petrobras last week approved the sale of its total stake in the maritime concession groups named Golfinho Cluster and Camarupim Cluster to the company.

The total amount of the sale is up to $75 million, being $3 million paid on the date of the signing of the sale and purchase agreements, $12 million to be paid at the closing of the transaction, and up to $60 million in contingent payments, depending on future Brent prices and asset development.

The Golfinho Cluster is located in water depths between 1,300 and 2,200 meters, comprising the Golfinho field, an oil producer, and the Canapu field, a non-associated gas producer as well as the exploration block BMES-23.

The Camarupim Cluster is in water depths between 100 and 1,050 meters, comprising the unitized Camarupim and Camarupim Norte fields, both of non-associated gas.

Petrobras holds a 100 percent stake in the Golfinho and Camarupim Clusters concession groups, except for exploratory block BM-ES-23, in which it holds a 65 percent majority stake in partnership with PTTEP and Inpex which hold 20 and 15 percent, respectively. Petrobras is the operator in all the concessions.

The average total production of the Golfinho field from January to May 2022 was 8.6 thousand bpd of oil and 90 thousand cubic meters per day of gas. The other areas are not in production.

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