The Maromba field targets 500 million barrels of oil in place within tested Maastrichtian sands, aiming for a peak production of 60,000 barrels per day. First oil is planned for late 2027, with the project expected to significantly increase BW Energy’s net production by 2028. The development, costing approximately $1.5 billion, includes $1.2 billion for the initial phase and $300 million for a secondary drilling campaign, with completion targeted by 2030.
BW Energy CEO Carl K. Arnet stated: “We have spent time on optimising the Maromba development plan and concluded on a highly competitive concept with a repurposed jack-up platform and FPSO, repeating the approach we very successfully applied in Gabon. Maromba will enable BW Energy to deliver industry-leading organic production growth and position the Company for further low-cost developments of known potential developments.”
The BW Maromba FPSO, with a storage capacity of one million barrels, can process 65,000 barrels of oil and treat 85,000 barrels of water daily. Refurbishment and life extension work began at the COSCO yard in China following a condition assessment. A jack-up rig, purchased for $107.5 million, will be converted into a wellhead platform with up to 16 well slots. Arnet noted: “The repurposing of existing energy infrastructure enables reduced investments and shorter time to first oil with significantly reduced greenhouse gas emissions in the development phase, as compared to installing new production assets.”
The project involves six initial horizontal production wells with dry trees and electric submersible pumps, transferring output to the FPSO in 150 meters of water depth. A secondary six-well campaign and potential future phases will target 123 million barrels of proven reserves, with additional reservoirs to be appraised. BW Energy acquired full ownership of the field in 2019 for $115 million, with $85 million still owed to Chevron and Petrobras. Magma Oil holds a 5% back-in right, exercisable at first oil.
Financing will combine existing cash, operational cash flow, and infrastructure-specific solutions, with additional options like reserve-based lending and bonds under consideration. BW Group, the company’s main shareholder, has provided a $250 million loan facility. BW Energy is securing approvals from Brazil’s oil and gas regulator, ANP, and environmental agency, IBAMA, while arranging long-lead items and finalizing financing.
