August 17, 2019 / 11:48 AM / a year ago

BW Offshore wins Brazil approval for $115 million oilfield purchase

Aug 17 (Reuters) - Norway’s BW Offshore has won approval from Brazil’s oil regulator ANP for the purchase of the Maromba oilfield from Chevron Corp and Petrobras , the Oslo-listed company said on Saturday.

The total purchase price for the oilfield located in the Campos Basin off the Brazilian coast is $115 million, to be paid over three milestones as the development progresses towards producing its first oil.

The regulatory approval will lead to the first milestone payment of $30 million, with other milestones marked by the start of drilling activities and first oil production, or three years after the start of drilling activities, whichever comes first.

BW had in March won approval from Brazil’s antitrust watchdog Cade to buy the oilfield from Petrobras, which had a 70% participating interest, and Chevron, which held a 30% stake. (Reporting by Kanishka Singh in Bengaluru Editing by David Holmes)

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