Wedoany.com Report-Apr. 15, BW Energy, listed on the Oslo Stock Exchange, has confirmed a final investment decision for the Golfinho Boost project in the Espírito Santo Basin, offshore Brazil. The initiative aims to enhance oil production at the Golfinho field, following the extension of the field’s license to 2042.
The $107 million project is expected to increase daily oil output by approximately 3,000 barrels starting in 2027. It focuses on improving operational efficiency and reducing costs at the Golfinho field, which BW Energy fully acquired in August 2023. The company has operated the FPSO Cidade de Vitória, a key asset at the site, since November 2023.
Carl K. Arnet, CEO of BW Energy, stated: “BW Energy continues to strengthen its position in Brazil through targeted measures on the Golfinho field to increase production, uptime and operational independence. The planned low-risk enhancements to field assets and operations offer very attractive returns and are expected to help unlock material long-term value creation for the company and its stakeholders.”
The Golfinho Boost project includes upgrading the subsea boosting system by replacing gas lift with electrical submersible pumps, reopening closed wells, replacing umbilicals, and enhancing FPSO capacity. These improvements are projected to add about 12 million barrels to recoverable reserves. The FPSO Cidade de Vitória, operational since 2007, has a storage capacity of 1.6 million barrels and can produce over 100,000 barrels of oil daily, with additional capabilities for gas production and compression.
Located in water depths of 800 to 1,700 meters, the Golfinho field features five producing subsea wells tied to the FPSO. Crude oil is transferred to shuttle tankers, and gas can be transported via a pipeline to the Cacimbas gas treatment unit onshore. The field’s gross reserves are estimated at 42 million barrels of oil equivalent, primarily oil, with 28.3 million barrels developed and 13.7 million barrels in undeveloped opportunities.
The Golfinho cluster also includes the Canapu gas field and the BM-ES-23 exploration block, which contains the Brigadeiro gas and condensate discovery. Beyond Brazil, BW Energy is active in Africa, planning to drill the Kharas prospect in the Kudu license and recently announcing an oil discovery off Gabon’s coast.
Through the Golfinho Boost project, BW Energy aims to optimize production and extend the field’s lifespan, contributing to sustainable energy development in Brazil’s offshore sector while creating value for its stakeholders.
