BW Energy Finalizes Major Investment Decisions for Projects in West Africa and South America

BW Energy has announced final investment decisions for two significant projects: the $410-million Bourdon development offshore Gabon and a $450-million infill drilling campaign at its Golfinho complex offshore Brazil. These initiatives are expected to substantially increase the company's net production to over 100,000 barrels per day once operational.

Bourdon Project, Gabon (West Africa)

Discovered in early 2025 within the Dussafu Marine license, the Bourdon project will be developed using a mobile offshore production unit, specifically a converted jackup rig. First oil is anticipated in the first quarter of 2028. The field holds 25 million barrels of proven and probable oil reserves, with initial production from three wells. There is potential for future expansion, as an estimated 200 million barrels of oil equivalent may be located nearby. BW Energy will lease the converted Jasmine Alpha jackup (now renamed Akoum), which will serve as a new wellhead platform with a 12-slot well bay. The operator's net capital expenditure for its 73.5% stake is $300 million, equating to a total project cost of approximately $408 million. The project boasts an internal rate of return above 25% at a Brent oil price of $60 per barrel and breaks even at $45 per barrel at a 10% discount rate. Partners in the license include Panoro (17.5%) and the state-owned Gabon Oil Company (9%).

Golfinho Infill Drilling Campaign, Brazil (South America)

In Brazil, the company will drill four wells—three in the Golfinho license and one in the Camarupim license—which will be tied back to the existing Golfinho FPSO. This campaign aims to recover 50 million barrels of oil equivalent (42% of which is oil) and is set to triple production from the area to approximately 30,000 boepd starting in 2029. The development cost is about $9 per barrel, with an internal rate of return forecast above 50% at an oil price of $60 per barrel and a breakeven point of $40 per barrel at a 10% discount rate. Production is targeted to begin by the end of 2028 from this asset, in which BW Energy holds a 100% stake.

Strategic Outlook

BW Energy's CEO, Carl Arnet, stated that these projects add highly profitable production in licenses with proven reserves and multiple growth opportunities. He emphasized that by repurposing existing energy assets and employing a phased approach, the company has optimized development solutions supported by low-cost infrastructure-backed financing.