BW Energy: Makes Final Investment Decision for the Golfinho Boost project in Brazil

14 Apr 2025 11:30 CEST

BW Energy makes Final Investment Decision for the Golfinho Boost project in
Brazil


BW Energy is pleased to announce final investment decision (FID) for the
Golfinho Boost project, aiming to increase uptime, reduce operating expenses and
add approximately 3,000 barrels per day of incremental oil production from 2027
at the Golfinho field offshore Brazil.

The project includes multiple measures aimed at boosting production efficiency
and increasing recoverable reserves by approximately 12 million barrels. The
measures include upgrades to the subsea boosting system by replacing gas lift
with Electrical Submersible Pumps (ESPs) at the seabed, reopening of shut-in
wells, umbilicals replacement, improved field logistics and FPSO capacity
enhancements. The total investment budget is USD 107 million.

"BW Energy continues to strengthen its position in Brazil through targeted
measures on the Golfinho field to increase production, uptime and operational
independence. The planned low-risk enhancements to field assets and operations
offer very attractive returns and are expected to help unlock material long-term
value creation for the company and its stakeholders," said Carl K. Arnet, the
CEO of BW Energy.

The Golfinho field is in the Espírito Santo Basin with water depths between 800
and 1,700 metres. BW Energy is the operator with 100% working interest in the
Golfinho licence following the August 2023 acquisition of the Golfinho and
Camarupim Clusters. Hydrocarbons are produced to the FPSO Cidade de Vitória,
which BW Energy acquired and has operated since November 2023. The field has
been producing since 2007.

More information on the Golfinho Boost project will be shared in connection with
the first quarter 2025 earnings release and presentation to be held at Hotel
Continental in Oslo, Norway, on 5 May.


For further information, please contact:

Brice Morlot, CFO BW Energy, +33.7.81.11.41.16

ir@bwenergy.com (mailto:ir@bwenergy.com)


About 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
Company's assets are 73.5% of the producing Dussafu Marine licence offshore
Gabon, 100% interest in the Golfinho and Camarupim fields, a 76.5% interest in
the BM-ES-23 block, a 95% interest in the Maromba field in Brazil, a 95%
interest in the Kudu field in Namibia, all operated by BW Energy. In addition,
BW Energy holds approximately 6.6% of the common shares in Reconnaissance Energy
Africa Ltd. and a 20% non-operating interest in the onshore Petroleum
Exploration License 73 ("PEL 73") in Namibia. Total net 2P+2C reserves and
resources were 599 million barrels of oil equivalent at the start of 2025.

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

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