BW Energy has celebrated an important turning point in the Maromba development with a financial closure and renaming ceremony held in China, hosted together with COSCO SHIPPING, CEXIM (China Export-Import Bank), and SINOSURE (China Export & Credit Insurance Corporation). The event was attended by the Deputy Mayor of Dalian and the Norwegian Ambassador to China, highlighting the strong international collaboration underpinning the project.
Project Finance and FPSO Development
The ceremony celebrates the successful closing of a USD 365 million project finance facility for the refurbishment and redeployment of the Maromba FPSO (floating production, storage, and offloading vessel). This financing represents an important step in BW Energy’s development programme targeting 90,000 barrels per day of production by 2028.
Strategic Partnerships and International Collaboration
The participation of senior government representatives from both China and Norway underscores the international nature of the partnership, which combines Chinese shipyard and financing capabilities with Norwegian oil and gas development expertise. COSCO SHIPPING provides shipyard services for the FPSO refurbishment, whilst CEXIM and SINOSURE deliver project financing and credit insurance supporting the substantial capital investment.
BW Energy acknowledged partners and stakeholders for their continued support and confidence in the company’s capital-efficient development strategy. The Maromba project exemplifies BW Energy’s approach of optimising development costs through strategic partnerships, refurbishment of existing assets, and efficient project execution.
Maromba Field Context
The Maromba field, located offshore Brazil, represents a significant development opportunity for BW Energy. The company’s strategy involves refurbishing an existing FPSO vessel rather than constructing new infrastructure, reducing capital requirements and accelerating project timelines compared to newbuild alternatives.
The targeted production rate of 90,000 barrels per day by 2028 represents substantial output for an independent oil company, demonstrating the field’s resource potential and BW Energy’s capacity to execute large-scale offshore developments through strategic partnerships and capital-efficient approaches.
The financial closure milestone enables progression to FPSO refurbishment activities and subsequent deployment to the Maromba field, advancing the project toward production commencement and revenue generation supporting BW Energy’s growth objectives in Brazilian offshore oil production.
For more information visit www.bwenergy.no
