Provisional Exploration License Award Offshore Gabon

Source: www.gulfoilandgas.com 10/11/2021, Location: Africa

BW Energy is pleased to announce that it has been provisionally awarded operatorship of two blocks in the 12th Offshore Licensing Round in Gabon. The award by the Direction Generale des Hydrocarbures (DGH) in Gabon is subject to finalizing the production sharing contracts (PSC) with the DGH.

The two blocks, G12-13 and H12-13, are adjacent to BW Energy`s Dussafu license offshore Southern Gabon. The blocks cover an area of 2,989 km(2) and 1,929 km(2), respectively.

The blocks will be held by a consortium composed of BW Energy as operator (37.5%) with VAALCO Energy (37.5%) and Panoro Energy (25%) as non-operating joint venture partners. The PSCs will have an exploration period totalling eight years which may be extended by a further two years. The partners have committed to drilling exploration wells on the blocks during the exploration period and intend to carry out a 3D seismic acquisition campaign on both blocks.

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. The consortium members have over the past 15 years undertaken successful exploration, development and production projects on both the Dussafu and Etame, where in total, approximately 250 million barrels have been discovered to date and multiple fields put into production.

BW Energy, VAALCO Energy and Panoro Energy intend to collaborate on implementing safe, efficient and cost-effective operations and leverage the subsurface and production learnings from Etame and Dussafu to deliver competitive solutions for the exploration, development, and monetisation of Gabon's oil and gas resources.

Carl K. Arnet, CEO of BW Energy, commented:
"These blocks are situated in core areas for BW Energy, most within tie-back distance of existing infrastructure with the potential for rapid value creation from future discoveries. As we prepare for additional production coming online from our Hibiscus/Ruche project in 2022, these licence awards, combined with our ongoing development projects, further demonstrate BW Energy`s commitment to Gabon and to our ambitions of growing both production and cash flow."


Morocco >>  10/21/2021 - Europa Oil & Gas (Holdings) plc, the AIM traded Ireland, Morocco and UK focused oil and gas exploration, development and production company, announces...
United States >>  10/21/2021 - Reabold is pleased to announce the signing of a conditional equity exchange agreement between Daybreak Oil and Gas Inc. ("Daybreak"), a US OTC traded ...

United States >>  10/21/2021 - The Board of Ecofin U.S. Renewables Infrastructure Trust PLC ("RNEW") is pleased to announce the contractual commitment of the following $49.0 million...
Germany >>  10/19/2021 - Ørsted has signed an agreement with Glennmont Partners (’Glennmont’), who will be acquiring a 50 % ownership share in Ørsted’s 900 MW German offshore ...

Senegal >>  10/18/2021 - Highlights
- Completion of Senegal RSSD sale to Woodside and sale proceeds of US$126 million received
- Drilling of Bambo-1 well, offshore...

Australia >>  10/15/2021 - Bounty Oil and Gas NL will acquire a 25% Strategic Interest in 4 Drill Ready Shallow Water Carnarvon Basin Oil Exploration Licences in Western Austral...




Gulf Oil and Gas
Copyright © 2021 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.