BW Offshore has announced a plan to establish its unit BW Energy as a separate E&P company and list the company on the Oslo Stock Exchange this year.
The company will invite external investors into BW Energy to finance development of the recently acquired Maromba field offshore Brazil and value-enhancing investments at the Dussafu Marin Permit offshore Gabon.
BW Offshore is now in advanced negotiations for a $200m reserve-based lending facility based on Dussafu’s reserves, and it expects to complete the financing within this year.
According to BW Offshore, BW Energy will have a diversified portfolio of production and development assets, positioned for growth based on its unique low-risk development strategy supported by BW Offshore’s existing FPSOs, track-record and experience.
“With BW Energy, we have demonstrated our unique ability to move the threshold for commercial development of discovered resources through use of existing FPSOs, fast-track project execution and properly scaled development concepts. We will continue to target robust business opportunities based on proven reserves with sequential growth potential and unlock significant value that traditional oil & gas companies are not addressing,” said Carl Arnet, CEO of BW Offshore.
BW Energy was established in late 2016 and has since developed a portfolio of upstream oil and gas assets in West Africa and Brazil.