BW Offshore to take stake in Brazilian oil field

BW Offshore has signed a letter of intent (LOI) to take a 30% stake in a Brazilian oil field.

The Oslo-listed company has signed a deal to take half of HRT Participações em Petróleo’s stake in the oil field.

BW Offshore owns and operates the FPSO Polvo, which operates in the field under contract until the third quarter of 2014 with options through till third quarter 2022.

The Polvo oil field is located in the Campos basin in Brazil. The field was brought onstream in 2007, with a 2013 year to date production of about 12,000 barrels of oil per day.

The deal is subject to due diligence by BW Offshore, as well as to regulatory, governmental and board approvals.

Posted 16 December 2013

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Marcus Hand

Editor, Seatrade Maritime News