BW Energy has officially announced a final investment decision (FID) concerning its ambitious Golfinho Boost project, which is set to significantly enhance oil production efficiency in Brazil. This project is expected to boost oil output by approximately 3,000 barrels per day (bpd) commencing in 2027, thereby playing a pivotal role in the companys growth strategy in the region.

The total financial commitment for this initiative amounts to $107 million, and the primary objective is to improve operations at the Golfinho field, located offshore Brazil. The enhancements planned under the Golfinho Boost project are projected to contribute an impressive 12 million barrels (mbbl) to the recoverable reserves, marking a notable achievement in resource management.

Key improvements include a comprehensive upgrade of the subsea boosting system. This involves replacing the conventional gas lift mechanism with modern electrical submersible pumps positioned on the seabed. Additionally, the project aims to reactivate previously closed wells and replace vital umbilicals that connect subsea infrastructure. Such enhancements are anticipated to not only streamline operations but also ensure higher productivity levels.

Moreover, the Golfinho Boost project plans to refine field logistics further and expand the capacity of the Floating Production Storage and Offloading unit (FPSO). These developments are essential for maintaining operational efficiency and maximizing the potential of the Golfinho field.

Carl K. Arnet, the CEO of BW Energy, emphasized the company's commitment to solidifying its position in Brazil and maximizing the potential of the Golfinho field. He stated, BW Energy continues to strengthen its position in Brazil through targeted measures on the Golfinho field to increase production, uptime and operational independence. Arnet further highlighted that the planned low-risk enhancements to field assets and operations are expected to yield attractive returns, paving the way for substantial long-term value creation for both the company and its stakeholders.

The Golfinho field, situated in the Esprito Santo Basin, operates at water depths ranging from 800 to 1,700 meters and has been in operation since 2007. BW Energy holds a 100% working interest in the Golfinho license, a position that was fortified with the acquisition of both the Golfinho and Camarupim Clusters in August 2023.

Since November 2023, the FPSO vessel Cidade de Vitria has been processing hydrocarbons extracted from the Golfinho field, under the management of BW Energy. Furthermore, the company announced a promising oil discovery in the Hibiscus area offshore Gabon in June of the previous year, following the successful drilling and logging of the DHIBM-7P pilot well, which reached an impressive total depth of 3,941 meters from the MaBoMo production platform.

Overall, the Golfinho Boost project exemplifies BW Energy's commitment to innovation and growth within the oil and gas sector, reinforcing its strategic importance in Brazil's energy landscape.