Offshore staff
FID will then be subject to securing finance for the project; the company is targeting peak oil production of 30,000 to 40,000 bbl/d.
Since the project rescheduling announced earlier this year, BW Energy and BW Offshore have agreed to defer payments for the likely production facility, the FPSO Polvo, with the sum of $50 million to be paid in two installments by second-quarter 2024. The vessel is currently in lay-up in Dubai following completion of condition assessment.
Under the planned Phase 1, the development will target heavy crude oil (16°API) but with low relative viscosity and sulfur content in the Maastrichtian reservoir via three horizontal subsea wells tied back to the FPSO and completed with electric submersible pumps.
Phase 1 production could start in 2025 with potential overall investments of about $400 million.
Elsewhere in the Campos Basin, the company continues preparations to acquire a 100% operated interest in the Golfinho and Camarupim Clusters and 65% WI in the BM-ES-23 Block from Petrobras, as well as taking over the FPSO Cidade de Vitória from Saipem. The FPSO has recently restarted after upgrades required by the ANP.
Offshore Namibia, BW Energy is progressing a revised development plan for the Kudu Field gas-to-power project that will use a repurposed semisubmersible drilling rig as a floating production unit.
Last October, BW Energy commissioned ~5,000 sq km of 3D seismic to enhance the depositional model, determine additional reservoir presence and identify potential upside targets in the Kudu PPL-003 license.
Acquisition finished in May 2023. An initial review shows good seismic data quality. Final processed results should be issued during the first half of 2024. Based on the new data, the company expects to increase the current Kudu license reserve estimate, supported by recent positive exploration drilling results from other nearby licenses in the Orange Basin.
08.23.2023
