Oslo-based oil and gas company BW Energy said Tuesday it had completed the acquisition of the FPSO Cidade de Vitoria from Saipem.
The two companies signed last year an MoU for the sale of the FPSO Cidade de Vitoria, owned by Saipem and operated for Petrobras in the Golfinho field offshore Brazil.
The FPSO is currently producing approximately 10,000 barrels per day of oil from the Golfinho field offshore Brazil.
BW Energy will pay Saipem a total of $73m in fixed consideration for the FPSO, of which $38m was paid in the third quarter 2023.
A further $35m will be paid in 18 monthly instalments following the takeover, with the first instalment already paid.
The FPSO Cidade de Vitoria is a flexible unit with 1.6 million barrels of storage capacity. The unit, which recently underwent repairs and upgrades, can produce more than 100,000 barrels per day of oil and has additional capacity for gas production and compression, BW Energy said.
“It positions BW Energy to efficiently increase production from the Golfinho cluster with ample oil and gas handling capacity to accommodate the upside from planned future developments. The FPSO acquisition will enable BW Energy to reduce the whole field OPEX,” the oil and gas major said in a statement.
Carl K. Arnet, chief executive of BW Energy, said: “Establishing a solid working relationship with Brazilian authorities and other stakeholders is key to a successful Maromba development. Having two operating assets in Brazil will create several synergies and make us an attractive local employer.”
BW Energy´s assets are 73.5% of the producing Dussafu Marine licence offshore Gabon, 100% interest in the Golfinho and Camarupim fields, a 76.5% interest in the BM-ES-23 block in, a 95% interest in the Maromba field in Brazil and a 95% interest in the Kudu field in Namibia, all operated by BW Energy.
