BW Offshore (BWO) is pleased to announce that The Brazilian National Agency of Petroleum, Natural Gas and Biofuels (ANP) has granted BW Offshore status as operator in Brazil and approved the transfer of Chevron and Petrobras’ participating interest in the Maromba field to BW Offshore.

“We are proud to announce that our subsidiary BW Energy has been approved by ANP as operator and has received governmental go ahead to acquire the Maromba license. This again proves the viability of the BWO business model for BW Energy and our continued success in developing proven reserves in the current oil price environment," said Marco Beenen, CEO of BW Offshore.

The closing of the transaction with Chevron and Petrobras is subject to certain condition precedents. This approval as operator satisfies the main condition precedent for the closing of the Maromba field acquisition and will trigger the first milestone payment of USD 30 million to Chevron and Petrobras.

The total acquisition price for the Maromba field is USD 115 million, which will be paid over three milestones as the development progresses towards first oil. The second milestone is due at start of drilling activities and the third milestone is due at first oil or 3 years after the start of drilling activities, whichever comes first.

“Maromba represents further proof of our upstream business model. Our Dussafu development is progressing according to our plans and is showing very good production of more than 12.000 bbls/d and no water. Our effort will now be directed to shortly present a plan for development to the Brazilian authorities and start the development of this very attractive license. Maromba is expected to significantly increase our production from 2022 onwards and is a very important element in our growth strategy," said Carl K. Arnet, CEO of BW Energy.

The Maromba field is located off the Brazilian coast in the Campos Basin in 160 metres of water depth, where BW Offshore has extensive operating experience.

About BW Offshore

BW Offshore is a leading provider of floating production services to the oil and gas industry. The company also participates in developing proven offshore hydrocarbon reservoirs. BW Offshore is represented in all major oil and gas regions world-wide with a fleet of 15 owned FPSOs. The company has more than 30 years of production track record, having executed 40 FPSO and FSO projects. BW Offshore is listed on the Oslo Stock Exchange.

About Chevron

Chevron Corporation (NYSE: CVX) is one of the world's leading integrated energy companies. Through its subsidiaries that conduct business worldwide, the company is involved in virtually every facet of the energy industry. Chevron explores for, produces and transports crude oil and natural gas; refines, markets and distributes transportation fuels and lubricants; manufactures and sells petrochemicals and additives; generates power; and develops and deploys technologies that enhance business value in every aspect of the company's operations. Chevron is based in San Ramon, Calif.

About Petrobras

We have upwards of 100 production platforms, 16 refineries, 30,000 kilometers of pipelines and more than 6,000 service stations. Our proved reserves are around 14 billion barrels of oil, a figure expected to double in the next few years. With the discovery of oil and gas in the pre-salt region, Brazil may become the world's fourth biggest oil producer in 2030.

We have built a track record of overcoming challenges since 1953, when the company was created. The main one was developing technology to explore and produce oil in deep and ultra-deep waters, where upwards of 90% of our reserves are nestled. With innovation and daringness, we are now the Brazilian company that makes the applies for the most patents in Brazil and abroad.