BW Offshore sells 10% stake in Dussafu to Gabon Oil Company

BW Offshore sells 10% stake in Dussafu to Gabon Oil Company

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%.

Grant Rowles

Grant spent nine years at Informa Group based in London, Sydney, Hong Kong and Singapore. He gained strong management experience in publishing, conferences and awards schemes in the shipping and legal areas, working on a number of titles including Lloyd's List. In 2009 Grant joined Seatrade responsible for the commercial development of Seatrade’s Asia products. In 2012, with Sam Chambers, he co-founded Asia Shipping Media.

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