Fossil Energy – Gabon
BW Energy recently announced its signing of production sharing contracts (PSCs) for the exploration blocks Niosi Marin and Guduma Marin with Gabon’s Petroleum Minister and Minister of Economy.
BW Energy holds 37.5% working interest and is the operator of the blocks, which significantly expands the resource base for infrastructure-led exploration in Gabon.
The blocks are adjacent to BW Energy’s Dussafu Marin licence offshore southern Gabon, covering a combined area of 4,918 km2.
“Most of the Niosi Marin and Guduma Marin acreage is within tie-back distance to existing infrastructure, enabling fast-track, low-cost development of future discoveries. We have proven our ability to create significant value in the Dussafu licence, where we are close to completing the first phase of Hibiscus / Ruche to bring production to nameplate capacity of 40,000 barrels per day. These licence awards further underpin BW Energy’s commitment to Gabon and clear ambition of growing production and cash flow generation,” said Carl K. Arnet, the CEO of BW Energy.
VAALCO Energy (37.5%) and Panoro Energy (25%) are non-operating joint venture partners in the PSCs, which have an eight-year exploration period with option to extend for two additional years. The partners have committed to drilling one well on Niosi Marin during the exploration period and intend to carry out a 3D seismic acquisition campaign.
The consortium is uniquely positioned with BW Energy and Panoro Energy as joint venture partners in the Dussafu PSC, and with VAALCO Energy as the operator of the adjacent Etame PSC. Together, the partners will jointly implement safe, efficient, and cost-effective operations whilst leveraging subsurface and production learnings from Dussafu and Etame to accelerate value creation.
