en.Wedoany.com Reported - BW Energy has made a Final Investment Decision (FID) for the Bourdon development in the Dussafu license area offshore Gabon and a new infill drilling project in the Golfinho license area offshore Brazil. The two projects combined hold approximately 68 million barrels of oil equivalent in proved and probable (2P) reserves. The company expects these projects to drive net production growth of approximately 10% by 2028, reaching over 100,000 barrels per day, and to sustain that production level into the next decade.
The Bourdon Phase 1 project offshore Gabon is scheduled for first oil in the first quarter of 2028. The field holds gross 2P reserves of 25 million barrels of oil equivalent, almost entirely oil. BW Energy will use a converted Akoum rig as a new wellhead platform equipped with 12 slots, with an initial plan to drill three wells, and further development potential exists near the Bourdon field. Net capital expenditure for the project is estimated at $300 million, with approximately $100 million required before first oil, funded by a recently concluded sale and leaseback agreement with Minsheng Financial Leasing. BW Energy stated that at an oil price of $60 per barrel, the project's internal rate of return is expected to exceed 25%, with a breakeven price of $45 per barrel. The Dussafu license partners include operator BW Energy (73.5% working interest), Panoro Energy (17.5%), and Gabon Oil Company (9%).
In Brazil, BW Energy approved a drilling project for four new wells in the Golfinho and Camarupim license areas. These new wells hold gross 2P reserves of 50 million barrels of oil equivalent, comprising 42% oil and 58% gas. The company stated that these wells will be tied back to the Golfinho FPSO and existing gas export infrastructure, targeting first oil by the end of 2028 and aiming to triple production from the Golfinho area to approximately 30,000 barrels of oil equivalent per day from 2029 onwards. Net capital expenditure for the Brazilian project is estimated at $450 million, of which $170 million has already been committed for long-lead equipment. BW Energy stated that at an oil price of $60 per barrel, the project is expected to deliver an internal rate of return exceeding 50%, with a breakeven price of $40 per barrel.
BW Energy CEO Carl K. Arnet said these two projects add highly profitable production in licenses with proven reserves and multiple growth opportunities. By repurposing existing energy assets and phased development, the company has optimized the development scheme and leveraged low-cost infrastructure to support financing, thereby generating high-return projects that will increase net production to over 100,000 barrels per day by 2028 and sustain this level into the next decade.
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