Norway’s BW Energy has won regulatory approval for the acquisition of three Brazilian offshore assets that were included in a faltering Petrobras divestment programme, but the deal is still some way from closure, Upstream understands.

BW Energy was one of three bidders battling for the Golfinho-Canapu and Camarupim offshore clusters in Brazil’s Espirito Santo basin, with rival offers coming from an investment vehicle called Rio Branco Energy partners and another from Brazilian independent 3R Petroleum.

Finalisation of the deal was delayed for over two years amid long-running negotiations with Brazil’s state-controlled giant Petrobras over asset integrity and future decommissioning liabilities.