BW Energy has made final investment decisions for the Bourdon development in the Dussafu license offshore Gabon and a campaign of new infill wells in the Golfinho license offshore Brazil, with a combined total proven and probable reserves estimate of 68 million barrels of oil equivalents.
The two sanctioned projects are expected to increase BW Energy’s net production target by approximately 10 per cent to more than 100,000 barrels of oil per day in 2028, sustaining that production level into the next decade. The Bourdon Phase 1 development holds 25 million barrels of oil equivalent in gross reserves, with targeted first oil in the first quarter of 2028. Net capital expenditure for Bourdon stands at $300 million, with a breakeven price of $45 per barrel at a 10 per cent discount rate and an internal rate of return above 25 per cent at $60 per barrel. Partners in the project include BW Energy as operator with a 73.5 per cent working interest, Panoro with 17.5 per cent, and Gabon Oil Company holding 9 per cent.
The new Golfinho wells hold 50 million barrels of oil equivalent in reserves — of which 42 per cent is oil and 58 per cent is gas — with targeted first oil by end-2028. Four new wells will be tied back to the existing Golfinho FPSO, set to triple production from the Golfinho area to approximately 30,000 barrels of oil equivalent per day from 2029. Net capital expenditure is $450 million, with a low development cost of approximately $9 per barrel enabled by existing infrastructure and an internal rate of return above 50 per cent at $60 per barrel.
The two sanctioned projects reflect the company’s growth strategy based on infrastructure-led phased developments, minimising capital at risk and delivering high returns.
Source: energy-pedia.com