BW Energy takes FID on Maromba field offshore Brazil

RIO DE JANEIRO, May 7, 2025 – BW Energy has taken a final investment decision on the USD 1.5-billion Maromba field project offshore Brazil, targeting 123 million barrels of 2P reserves and projected to boost net production by 2028, the company said on Tuesday.

The development will be executed in two phases, beginning with six production wells and followed by a secondary drilling campaign. The project will include a converted jack-up wellhead platform installed at around 150 metres depth and a refurbished FPSO, BW Maromba, which is undergoing refurbishment in China and has a storage capacity of 1 million barrels.

“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,” CEO Carl K. Arnet said.

“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. We expect to unlock significant shareholder value in all realistic oil price scenarios.”

BW Energy expects production costs below USD 10 per barrel over the first five years and an IRR above 30% at USD 60 Brent. It anticipates investing USD 1 billion before first oil, with an additional USD 200 million for initial drilling and USD 300 million for the second campaign. Financing will include cash, undrawn facilities, cashflow and infrastructure financing. BW Group has also secured a USD 250-million shareholder loan facility.

BW Energy is finalising regulatory approvals and contracts for services and long-lead items. The Maromba field, in the Campos Basin, has seen oil discovered in eight out of nine wells drilled. The company acquired 100% ownership in 2019 for USD 115 million. Magma Oil holds a 5% back-in right, to be exercised upon first oil.

BW Energy is an upstream oil and gas company with operations in Brazil and West Africa. It focuses on proven hydrocarbon basins and employs phased developments using refurbished production assets to minimise capex and accelerate time to first oil.

Read our latest insights on: