BW Energy confirms finance for long-term lease of Maromba jackup platform
BW Energy has secured a long-term project lease agreement for the Super Gorilla class BW MAROMBA jackup rig with Minsheng Financial Leasing Co.
The company signed a short-term lease agreement for the facility in September. The new arrangement covers the costs associated with acquiring the rig and converting it for drilling and production of the Maromba Field in the Campos Basin offshore Brazil.
This amounts to $274 million of the estimated capex for the project, the company said. Financing is now in place for the development phase and the subsequent 10-year lease term following first oil, at a fixed rate of $120,500/d.
At present, the rig is in transit from Singapore and should arrive by the end of the month at the yard in Dubai, where it will be refurbished and converted to an integrated drilling and production platform.
Upon completion of this work, the rig will sail to Brazil and start drilling and completion duties, in line with the Maromba phased development plan.
The project is targeting heavy crude (16° API) with relatively low viscosity and sulfur content in the Maastrichtian reservoir. BW Energy plans to complete the wells with electrical submersible pumps for lift purposes.
At peak, Maromba should average production of 50,000 bbl/d.
Although BW Energy Maromba do Brasil has a 100% operated interest in the license, 5 Star Oil & Gas Brasil holds a 5% back-in right.
