Core Viewpoint - BW Energy has made a final investment decision (FID) for the Maromba field development offshore Brazil, targeting 500 million barrels of oil in place with first oil expected by the end of 2027 and a plateau production of 60,000 barrels per day, which will more than double the company's total net production by 2028 [1][3][9] Project Highlights - The Maromba development plan is optimized for cost efficiency, utilizing a repurposed jack-up platform and FPSO, similar to successful strategies applied in Gabon [3] - The project is expected to unlock significant shareholder value across various oil price scenarios [3] Development Concept - The development includes six initial horizontal production wells with dry-trees and artificial lift using downhole Electric Submersible Pumps (ESPs) [4] - The WHP will be installed in approximately 150 meters of water depth, facilitating future low-cost infill wells and additional drilling campaigns [4] FPSO and Infrastructure - The FPSO Maromba is currently undergoing refurbishment in China, with a storage capacity of 1 million barrels and a total liquid capacity of 100,000 barrels per day [5] - BW Energy has agreed to acquire a jack-up rig for USD 107.5 million, which will be converted for use as an integrated drilling and wellhead platform [6] Investment and Economics - Total investment for the Maromba project is expected to be around USD 1.5 billion, with USD 1 billion before first oil and an additional USD 500 million for subsequent drilling campaigns [7][8] - The project anticipates a competitive production cost of less than USD 10 per barrel over the first five years, with an estimated internal rate of return (IRR) exceeding 30% at an oil price of USD 60 per barrel [9] Financing - The development will be financed through existing cash, cash flow from operations, and various financing alternatives, including a USD 250 million shareholder loan facility from BW Group [10] Field Overview - The Maromba field is located 100 km off the Brazilian coast, with previous drilling indicating oil in eight out of nine wells drilled between 1980 and 2006 [11] - BW Energy acquired 100% ownership of Maromba in 2019 for USD 115 million, with a remaining payment of USD 85 million contingent on predefined milestones [11] Regulatory Process - BW Energy is following the approval process with Brazilian regulators and will proceed with contracting long-lead items and finalizing financing agreements [12]