BW Energy, partners sign new offshore exploration contracts in Gabon

BW Energy has announced two new production sharing contracts (PSCs) for offshore exploration in Gabon, expanding its regional footprint. The contracts cover the Niosi Marin and Guduma Marin blocks, which span a total area of 4,918 square kilometers adjacent to BW Energy’s existing Dussafu Marin license.

According to BW Energy CEO Carl K. Arnet, the new contracts align with the company’s strategy for rapid, cost-effective development. “Most of the Niosi Marin and Guduma Marin acreage is within tieback distance to existing infrastructure, enabling fast-track, low-cost development of future discoveries,” Arnet explained.

Also Read: Egyptian activists call for scrutiny over arms shipment docked at Alexandria Port

The Dussafu license, covering 850 square kilometers in the Ruche Exclusive Exploitation Area, is home to six discovered oil fields and numerous additional prospects, demonstrating BW Energy’s successful development record.

BW Energy holds a 37.5% interest in both new blocks, partnering with VAALCO Energy and Panoro Energy, which bring expertise from the Dussafu and neighboring Etame Marin license, where they have achieved over 300 million barrels of oil in combined discoveries.

VAALCO Energy and Panoro Energy hold 37.5% and 25% stakes, respectively.

The Niosi PSC initially runs for five years and includes commitments to acquire new 3D seismic data and drill one exploration well.

Guduma Marin’s contract begins with a three-year exploration period focused on geological and geophysical studies, with both contracts offering options for additional exploration phases and wells.

“Our team has proven its ability to create significant value in the Dussafu license, where we are near completion of the first phase of the Hibiscus/Ruche project to bring production to a nameplate capacity of 40,000 barrels per day,” Arnet said. The new ventures further demonstrate BW Energy’s commitment to sustainable, efficient energy expansion in Gabon.