BW Energy has approved two offshore projects in Gabon and Brazil as it moves to increase production through phased developments tied to existing infrastructure.
The company has taken a final investment decision on the Bourdon development in Gabon’s Dussafu license and will proceed with new infill wells in the Golfinho license offshore Brazil. The two projects together hold an estimated 2P reserves of 68 million barrels of oil equivalent.
The developments are expected to raise BW Energy’s net production target by about 10% to more than 100,000 barrels of oil per day in 2028 and help support that level into the next decade.
Bourdon Phase 1 contains 25 million barrels of oil equivalent in gross 2P reserves and targets first oil in Q1 2028. The plan includes converting the Akoum rig, formerly Jasmine Alpha, into a wellhead platform with a 12-slot wellbay. Initial production is planned from three wells, with capacity for later phases. Additional potential near Bourdon is estimated at about 200 million barrels of oil equivalent in place.
Bourdon net capex is $300 million, including about $100 million before first oil. That early spending is supported by a sale-and-leaseback agreement with Minsheng. BW Energy said a term sheet has been signed for a long-term lease expected to cover 100% of wellhead platform capex before first oil. The project has an internal rate of return above 25% at $60 per barrel and breakeven at $45 per barrel at a 10% discount rate.
The Bourdon partners are BW Energy as operator with 73.5%, Panoro with 17.5%, and Gabon Oil Company with 9.0%.
In Brazil, the Golfinho campaign covers 50 million barrels of oil equivalent in 2P reserves, made up of 42% oil and 58% gas. First oil is targeted for the end of 2028. The campaign includes four wells in proven locations, with three in Golfinho and one in Camarupim. The wells will be tied back to FPSO Golfinho and use the existing gas export pipeline from the FPSO to shore.
The Brazil project has net capex of $450 million. Of this, $170 million is committed to long-lead items, while $280 million has optional timing up to six months before first oil. Development cost is about $9 per barrel. The project is expected to lift area production to about 30,000 barrels of oil per day from 2029. Its internal rate of return is above 50% at $60 per barrel, with breakeven at $40 per barrel at a 10% discount rate. BW Energy holds 100% working interest as operator.
