BW Energy has made its final investment decision ( FID ) for the Golfinho Boost project , which aims to increase oil production at the Golfinho field off the coast of Brazil. The company has committed a $107 million investment to the project, which is expected to increase production by approximately 3,000 barrels per day starting in 2027.
The objectives of the Golfinho Boost project
The project is designed to improve operating efficiency and increase recoverable reserves by approximately 12 million barrels. Significant improvements include replacing the gas lift system with electric submersible pumps ( ESPs ) on the seabed, reopening shut-in wells , and improving logistics and the umbilical system. These actions aim to increase production, optimize operating costs, and extend the lifespan of assets in the Golfinho oil field.
The planned improvements, which are low-risk, offer very attractive returns and are expected to contribute to generating significant long-term value for the company and its shareholders.
Carl K. Arnet, CEO of BW Energy.
The Golfinho field , located in the Espírito Santo Basin, has been in production since 2007 and is operated by BW Energy, which holds a 100% interest following the acquisition of the Golfinho and Camarupim fields in August 2023. Current operations are carried out through the FPSO Cidade de Vitória , which the company acquired and began operating in November 2023.
In the coming months, the company will share more details on the progress of the Golfinho project during its first quarter 2025 results presentation. This event will take place at the Continental Hotel in Oslo, Norway, on May 5, where the company will elaborate on its strategy and upcoming developments in the field.
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Source and photo: BW Energy
