Bermuda-headquartered BW Energy has announced final investment decision (FID) for the US$107mn Golfinho Boost project, which aims to increase uptime, reduce operating expenses and add around 3,000 bpd of incremental oil production from 2027 at the Golfinho field, offshore Brazil.
The project includes a number of measures aimed at boosting production efficiency and increasing recoverable reserves by approximately 12mn barrels. They 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 FPSO capacity enhancements.
This follows the extension of BW Energy’s Golfinho licence by Brazilian oil and gas regulator ANP. The production phase under the Golfinho concession contract has been extended to 2042 from 2031 previously, following ANP’s approval of the company’s field development plan in November 2024.
“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, CEO of BW Energy.
The Golfinho field, which has been producing since 2007, 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.
