BW Offshore subsidiary BW Energy Gabon has reached an agreement with Gabon Oil Company (GOC) to sell a 10% interest in the Dussafu production sharing contract.
The transaction is worth $28.5m representing 10% of development and production costs from April 2017 until now.
Carl Arnet, CEO of BW Offshore, commented: “We are very pleased to welcome GOC as a partner in the Dussafu licence. We are about to commence the next exciting phase of the development to increase oil production and identify additional reservoirs which will support long-term value creation from the Dussafu license.”
GOC’s interest will be retroactive from the date of first oil in September 2018.
BW now holds a 81.667% interest in the project, while Panoro continues to hold 8.333%. Tullow Oil Gabon has exercised its back-in right to the license also, and when completed BW will hold 73.5%, Panoro 7.5%, GOC 9% and Tullow 10%.