BW Energy signs PSCs on two blocks offshore Gabon

LIBREVILLE, November 1, 2024 – Norwegian E&P company BW Energy has signed production-sharing contracts (PSCs) for exploration blocks Niosi Marin and Guduma Marin offshore Gabon, the company announced on Thursday.

The blocks cover an area of approximately 4,918 square kilometres offshore southern Gabon and are adjacent to BW Energy’s Dussafu Marin licence, which includes six discovered oilfields and several prospects. According to the company, Dussafu averaged a gross rate of around 17,100 bopd in 2023.

The new PSCs have an eight-year exploration period with an option for two additional years. BW Energy and its licence partners, Houston-based Vaalco Energy (37.5%) and Oslo-based Panoro Energy (25%), have so far committed to drilling one well on Niosi Marin during the exploration period and intend to carry out a 3D seismic acquisition campaign.

“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 the Hibiscus / Ruche development to bring production to nameplate capacity of 40,000 barrels per day,” said Carl K. Arnet, CEO of BW Energy.

Photo courtesy of Panoro

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