BW Energy: Golfinho transactions impacted by temporary suspension of Petrobras divestment program  

Golfinho transactions impacted by temporary suspension of Petrobras divestment program  

BW Energy has been informed by Petrobras of a review of the Golfinho and Camarupim Clusters transactions as part of a wider analysis of Petrobras’ ongoing divestment program initiated by the Ministry of Mines and Energy (MME) in Brazil. 

MME has requested a suspension of ongoing sales of assets for 90 days without putting Petrobras’ interests at risk, according to a Petrobras filing with the U.S. Securities and Exchange Commission which includes a letter from the Brazilian Ministry of Mines and Energy (MME) dated 28 February 2023. 

In June 2022, BW Energy signed an agreement to acquire 100% working interest (WI) in the Golfinho and Camarupim Clusters and 65% WI in the BM-ES-23 block offshore Brazil from Petrobras. BW Energy will be the operator in all the concessions. The Company also agreed to acquire the FPSO Cidade de Vitoria, producing on the Golfinho field, from Saipem. Both transactions, subject to fulfilment of waiver of conditions precedent, were expected to close in in the first quarter of 2023. 

It is anticipated that that the MME's general suspension request may result in a delay to the closing of the transactions. BW Energy will keep the market updated on developments relating to the suspension request when and if appropriate. 

For further information, please contact: 

Knut R. Sæthre, CFO BW Energy,  

BW Energy is a growth E&P company with a differentiated strategy targeting proven offshore oil and gas reservoirs through low risk phased developments. The Company has access to existing production facilities to reduce time to first oil and cashflow with lower investments than traditional offshore developments. The main assets are 73.5% of the producing Dussafu Marine Permit offshore Gabon, a 95% interest in the Maromba field in Brazil and a 95% interest in the Kudu field in Namibia, all operated by BW Energy. Total net 2P+2C reserves and resources were 428 million barrels at the start of 2023.  

This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act