BW Energy Takes FID for Golfinho Boost Project off Brazil
BW Energy has made final investment decision (FID) for the Golfinho Boost project, aiming to increase uptime, reduce operating expenses and add approximately 3,000 barrels per day of incremental oil production from 2027 at the Golfinho field offshore Brazil.
The project includes multiple measures aimed at boosting production efficiency and increasing recoverable reserves by approximately 12 million barrels.
The measures include upgrades to the subsea boosting system by replacing gas lift with Electrical Submersible Pumps (ESPs) at the seabed, reopening of shut-in wells, umbilicals replacement, improved field logistics and floating production, storage and offloading (FPSO) vessel capacity enhancements.
The total investment budget is $107 million. To remind, BW Energy secured extension to the Golfinho license production phase to 2042 by the Brazilian oil and gas regulator ANP earlier in April.
“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,” said Carl K. Arnet, the CEO of BW Energy.
The Golfinho field is in the Espírito Santo Basin with water depths between 800 and 1,700 metres. BW Energy is the operator with 100% working interest in the Golfinho licence following the August 2023 acquisition of the Golfinho and Camarupim Clusters.
Hydrocarbons are produced to the FPSO Cidade de Vitória, which BW Energy acquired and has operated since November 2023. The field has been producing since 2007.