Norway based BW Energy has taken final investment decisions on two offshore projects, the Bourdon development in Gabon's Dussafu license and a new infill well campaign at the Golfinho area offshore Brazil. The combined 2P reserves come to 68 million barrels of oil equivalent and together they are expected to lift the company's net production by roughly 10 percent to more than 100,000 barrels per day in 2028.
Bourdon Phase 1 holds an estimated 25 million boe of mostly oil and is being built around a conversion of the Akoum rig, formerly Jasmine Alpha, into a 12 slot wellhead platform. Three production wells are planned at start up, with first oil targeted for the first quarter of 2028 and the option to add later phases tied to roughly 200 million barrels of additional oil in place near the field.
BW Energy says a term sheet for a long term lease is expected to cover the full wellhead platform capex before first oil. The project shows an internal rate of return above 25 percent at $60 per barrel and a breakeven of $45 per barrel at a 10 percent discount rate. Partners in Dussafu are BW Energy as operator, Panoro Energy, and Gabon Oil Company.
In Brazil, four new wells, three in Golfinho and one in Camarupim, will be tied back to an existing FPSO and to the gas export pipeline to shore. The campaign adds 50 million boe of 2P reserves, 42 percent oil and 58 percent gas, with first oil expected by the end of 2028. Production from the Golfinho area is set to triple to roughly 30,000 boe per day from 2029 at a development cost of about $9 per barrel, with BW Energy holding a 100 percent working interest.
The twin sanctions matter for an industry that has been cautious on greenfield spending. By leaning on rig conversions, tie backs to existing FPSOs, and shared infrastructure, BW Energy is staking out a mid scale model that pencils out at oil prices well below current levels, which gives a useful read on where independent producers see breakeven economics heading into the next decade.