BW Offshore becomes majority owner of Dussafu block in Gabon

BW Offshore’s subsidiary BW Energy Gabon Pte. Ltd (BWEG), has completed the acquisition of a 66.67% percent stake in the Dussafu production sharing contract offshore Gabon, owned by Harvest Energia, for $32 million in cash.

BWEG is owned by BW Energy Holdings Pte. Ltd. (BWEH), a joint venture company between BW Offshore (66.67%) and Maple Company Limited (33.33%), a wholly owned subsidiary of BW Group Limited, established in late 2016 for the purpose of pursuing oil and gas interests.

The recently formed oil firm is now looking to increase its stake in the Dussafu permit through a deal with Panoro Energy which holds the remaining 33.33%.

“BW Offshore and Panoro Energy ASA are working towards closing of the acquisition of a further 25% working interest in the Dussafu licence from a subsidiary of Panoro Energy, Pan-Petroleum Gabon B.V. (PPGBV), and a separate announcement will be made once such transaction is completed. In relation to and subject to the closing of the acquisitions from Panoro and Harvest, BWEG is in discussions with the Gabon Oil Company (GOC) for their participation in the field ownership,” BW Offshore said.

Back in December, BW Offshore CEO Carl K. Arnet further said, the drop in oil price over the past years reduced the costs of drilling and subsea equipment significantly, which in turn “has lowered the break-even price required for a Dussafu development.” Following Gabonese license requirements, first oil is planned for 2018, the company then said.

Worth noting, the sale of Gabon stake means the company Harvest Natural Resources will cease presence in Gabon, and move forward with dissolution plans for the company. Under the dissolution, liquidation and winding up process under Delaware law, the proceeds from the Gabon transaction would be combined with other Harvest assets to be distributed to Harvest’s stockholders.

Offshore Energy Today Staff

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