BW Energy has made final investment decisions (FID) for the Bourdon development in the Dussafu license offshore Gabon and a new infill drilling campaign in the Golfinho license offshore Brazil, targeting combined 2P reserves of 68 million barrels of oil equivalent.
The company said the two projects are expected to increase net production by about 10% to more than 100,000 barrels of oil per day in 2028 and help sustain that level into the next decade.
The Bourdon Phase 1 development offshore Gabon targets first oil in the first quarter of 2028 and includes gross 2P reserves of 25 million barrels of oil equivalent, almost entirely oil.
BW Energy said the development will use a converted drilling rig, the Akoum rig, as a new wellhead platform with a 12-slot wellbay. Initial production is planned from three wells, with additional future development potential near the Bourdon field.
Net capital expenditure for the project is estimated at $300 million, with pre-first-oil spending of about $100 million supported by a recent sale-and-leaseback agreement with Minsheng, the company said.
BW Energy said the project has an estimated internal rate of return above 25% at $60 per barrel oil prices and a breakeven price of $45 per barrel.
The Dussafu license partners are BW Energy, operator with a 73.5% working interest, Panoro Energy with 17.5%, and Gabon Oil Company with 9%.
In Brazil, BW Energy approved four new wells in the Golfinho and Camarupim licenses, targeting 50 million barrels of oil equivalent in 2P reserves, of which 42% is oil and 58% gas.
The company said the wells will be tied back to the Golfinho FPSO and existing gas export infrastructure, with first oil targeted by the end of 2028.
BW Energy said the development is expected to triple production from the Golfinho area to about 30,000 barrels of oil equivalent per day from 2029.
Net capital expenditure for the Brazilian project is estimated at $450 million, including $170 million already committed to long-lead items. BW Energy said the project has an estimated internal rate of return above 50% at $60 per barrel and a breakeven price of $40 per barrel.
“These two projects add highly profitable production in licenses with proven reserves and multiple growth opportunities. Through the repurposing of existing energy assets and a phased approach, BW Energy has optimized the development solutions supported by low-cost infrastructure-backed financing. This yields high return-projects, increasing our net production to above 100 kbopd in 2028 and positioning us to sustain this level into the next decade,” said Carl K. Arnet, CEO of BW Energy.