First oil from Brazil's Maromba offshore field remains uncertain

Long-expected first oil from Brazil's Maromba offshore field remains uncertain. 

In a presentation on Wednesday, operator BW Energy confirmed that it is targeting completion of concept studies for the development of the Campos basin asset by the end of this year and that a final investment decision (FID) remains subject to conclusion of project financing . 

Maromba was discovered by Petrobras in 2003 but the federal oil company never brought it online and sold the field to BW in 2019. 

The Norwegian company originally planned to make the field's FID in the second half of 2022, in which case production would have been expected to begin in 2025. 

Based on preliminary estimates, the first phase of the undertaking would require gross field investments of approximately US$400mn.

While progressing a more cost-efficient development based on a dry tree wellhead platform and an FPSO, BW is currently evaluating a solution with integrated drilling to reduce total investment and access additional reserves. 

The BW Maromba FPSO is being prepared at a shipyard in China with detailed work-scope planning ongoing, according to BW Energy. 

Maromba’s expected peak oil production is 30,0000-40,000b/d from five wells.

GOLFINHO

Meanwhile, BW has seen output at its Espírito Santo basin Golfinho field decline from 11,200b/d in 3Q23 to 8,000b/d in 2Q24. 

The company said last quarter’s production was affected by gas lift compressor downtime and added that a planned maintenance shutdown is ongoing. 

BW said it is prioritizing optimization of current production capacity and operating costs by stabilizing field reliability and performance, upgrading artificial lift systems in wells, reopening inactive wells to unlock additional production and modifying and upgrading FPSO facilities. 

The Norwegian firm added that Golfinho’s infill wells have been postponed due to subsea equipment and services cost inflation.