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BW Energy to Start Oil Production in Gabon

14 Jan 2018 12:49 pm
   By Emmanuel Tumanjong 

YAOUNDE, Cameroon--BW Energy Gabon Pte. Ltd., a subsidiary of Oslo-listed oil and gas company BW Offshore Ltd. (BWO.OS), said it expects to start producing crude oil at the Dussafu offshore field in the second half of 2018.

"It's a good period to develop oil and gas. The water depth is 115 meters, which makes it easier to develop this project," said Lin Epsey, managing director of the company.

In February 2017, BW Energy paid $12 million for a 91.67% stake in the Dussafu block offshore Gabon from London-based Panoro Energy ASA (PEN.OS). Panoro Energy, listed on the Oslo Stock Exchange, owns the remaining stake.

The company said it will initially develop the Tortue discovery in the Dussafu development with two subsea wells, and that it secured drilling equipment at a 40%-50% discount.

Write to Emmanuel Tumanjong at barcelonaeditors@dowjones.com

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January 14, 2018 07:49 ET (12:49 GMT)

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