Maromba

  • Type: Rig
  • field
  • Latitude: -23.4870000
  • Longitude: -41.2490000

Location and Geology

  • The Maromba oil field is located approximately 100 kilometers offshore in the southern part of Brazil’s Campos Basin, specifically within the BC-20A concession, which was carved out of the larger BC-20 exploration block.
  • The field is situated about 100 km southeast of Cabo Frio, at a water depth of approximately 160 meters.
  • The area encompasses a 375 square kilometer "ring-fence" within the BC-20A concession.

Ownership and Licensing

  • BW Energy holds 100% ownership and operates the Maromba field, having acquired it in 2019 from Petrobras and Chevron for $115 million.
  • Magma Oil has a 5% back-in right in the Maromba license, which is expected to be exercised upon the commencement of oil production.

Discovery and Appraisal

  • Between 1980 and 2006, nine wells were drilled in the license area, with eight yielding oil discoveries across various geological layers, including the Eocene, Maastrichtian, Albian, Aptian, and Barremian strata.
  • A Declaration of Commerciality was submitted in 2005, initiating a 27-year production period. The field development plan was presented to authorities in June 2006, and the RJS609 area completed all appraisal drilling necessary for a Declaration of Commerciality filed in December 2006.

Reserves

  • The net contingent resources at Maromba BC-20A Block were estimated at 75 million barrels (mbbl) in 1P and 100.1 mbbl in 2P as of April 2022. Gross 1P and 2P reserves were estimated at 75 mbbl and 105.4 mbbl, respectively.
  • Gross 2C reserves in place are estimated at 467 million barrels, with approximately 100 million barrels estimated as recoverable volumes.

Development Plan

  • The Maromba field is planned to be developed in phases to minimize up-front capital expenditure, accelerate time to first production, and allow for organic growth of production and supporting operations.

  • Phase 1:

    • Expected to begin production in 2025.
    • Will target heavy crude oil in the Maastrichtian reservoir with low relative viscosity and sulfur content.
    • Will consist of three horizontal subsea wells tied back to the Polvo FPSO vessel. The wells will be completed with dual electric submersible pumps (ESPs).
    • Gross field investments for Phase 1 are estimated at approximately $400 million.
  • Phase 2:

    • Expected to consist of three to four additional horizontal production wells and two water injectors.
    • A second drilling campaign with a further three wells is planned for 2027.

Infrastructure

  • The development will utilize the Polvo FPSO, which was acquired from BW Offshore for $50 million in April 2022. The FPSO will undergo upgrades before being redeployed at the Maromba field.
  • The Polvo FPSO is designed to accommodate feed from up to ten production wells, with a storage capacity of 1.2 million barrels. It has a total liquid handling capability of 85,000 barrels per day (bpd), an oil production capacity of 65,000 bpd, and a water treatment capacity of 75,000 bpd. The vessel features a turret mooring system.

Production and Capacity

  • Peak oil production from the Maromba field is expected to range between 30,000 to 40,000 barrels per day.
  • When combined with the plans for the Dussafu field, BW Energy’s net production is estimated to surpass 50,000 bpd by 2025.

Environmental and Regulatory Approvals

  • The Maromba Field Development Plan was submitted to Brazil’s National Agency of Petroleum, Natural Gas and Biofuels (ANP) in December 2019 and received approval in August 2020.
  • The initial environmental baseline survey was completed in the first quarter of 2021, and the subsequent environmental impact assessment was presented to the Brazilian Institute of Environment and Renewable Natural Resources (IBAMA) in the third quarter of 2021.

Financial and Operational Aspects

  • The investment decision on the Maromba development project is subject to the completion of project financing.
  • BW Energy has been optimizing the development plan since the acquisition in 2019, including technical evaluations, geological, seismic, and well data analysis, as well as extensive reservoir modeling and simulations.
  • The phased development approach allows for better reservoir monitoring and optimization of the second drilling campaign, reducing costs and facilitating future expansions.
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