BW Kudu, a wholly owned subsidiary of BW Energy, and the National Petroleum Corporation of Namibia (NAMCOR) have signed a farm-in and carry agreement which increases the company’s working interest in the Kudu license offshore Namibia from 56% to 95%.
NAMCOR will retain the remaining 5% working interest.
“Kudu gas is an important project for the energy sector and for Namibia. It has the potential to provide a valuable contribution to Namibia’s energy mix and local value creation by monetizing stranded gas which is an untapped natural resource in Namibia. The next step for the Kudu joint venture will be to secure long-term commercial gas sales agreements, update the development plan to meet offtake needs and ensure robust financial project returns,” said Carl Arnet, CEO of BW Energy.
The Kudu gas field is located offshore Namibia and contains an estimated 1.3 trillion cubic feet of gas.
