BW Energy secures up to $300m to finance Gabon field development

Norway’s BW Energy, an affiliate of the BW Group, has sealed an up to $300m international reserve based loan to finance the further development of its Dussafu license offshore Gabon.

The loan has an initial commitment of $200m which can be expanded up to an additional $100m. The Oslo-listed company said the secured long-term debt facility has been provided by a syndicate of five international banks and has a tenor of six years.

“The facility provides additional liquidity to finance our development of the Dussafu license in Gabon and drive future production growth and long-term value creation from this highly attractive oil producing area,” said Carl K. Arnet, the CEO of BW Energy.

BW Energy’s main assets are 73.5% of the producing Dussafu marine permit offshore Gabon and a 95% interest in the Maromba field in Brazil, both operated by the company.

The Dussafu license is situated within the Ruche Exclusive Exploitation Area, which covers 850 sq km and includes six discovered oil fields and several leads and prospects. The production sharing contract allows for the production of hydrocarbons for up to 20 years from the first production, which was achieved in September 2018.

Fields on the Dussafu block produce to the BW Adolo FPSO adjacent to the Tortue field. BW Energy is currently executing the Hibiscus/Ruche development project, targeting the Hibiscus and Ruche fields, with the first oil on track towards the end of the first quarter of 2023.

Read the latest issue of the OGV Energy magazine HERE