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Wednesday, March 20, 2019
Gabon’s state-run oil concern, Gabon Oil Company (GOC), signed an agreement with BW Energy Gabon to acquire a 10% stake in the Dussafu PSC. BW is the operator of the field with a 91.67% participating stake. Panoro holds the remaining interest.
“We are very pleased to welcome GOC as a Dussafu license partner,” said Carl K. Arnet, CEO of BW Offshore.
The transaction is subject to certain conditions precedent, including the approval of the Gabonese government. It also involves payment by GOC of $28.5 million.
Production from the Dussafu Concession’s Tortue field began in September. Current production from the field is approximately 12,000 bpd. The partners are currently working to launch phase 2 of the development of the PSC to boost production.
In addition to the state-run firm taking a stake, Tullow Oil has decided to exercise its back-in rights on the license. Once the agreement is approved, BW’s stake will drop to 73.5%, Panoro’s falls to 7.5%, GOC’s to 9% and Tullow will hold the remaining 10%.
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