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Brazil: BW Offshore wins approval for US$115M oilfield purchase

By  |  August 18, 2019

Norway’s BW Offshore has won approval from Brazilian oil regulator ANP for the purchase of the Maromba oilfield, part of the Oslo-listed company’s plan to become an operator and not just a supplier of oil services, platforms, and ships.

The purchase, from Chevron Corp and Petrobras, extends BW’s operations in Brazil, where it already has two floating production, storage, and offloading (FPSO) units.

The total purchase price for the oilfield, in the Campos Basin off the Brazilian coast, is US$115 million, to be paid over three milestones as the development progresses toward producing its first oil.

Regulatory clearance will lead to the first milestone payment of US$30 million, with other milestones marked by the start of drilling activities and first oil production, or three years after the start of drilling activities, whichever comes first.

Full Content: Reuters

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