BW Energy, an oil and gas exploration and production company based in Oslo, is moving towards its production target of 100,000 barrels per day with $208 million in financing for the Akoum wellhead platform. This financing is allocated for the development of the Bourdain field off the coast of Gabon and will help the company implement its long-term growth strategy.
Financing Details
This agreement includes a project-level lease worth $208 million for the Akoum wellhead platform, which is set to be installed at the Bourdain field. BW Energy has also signed an 18-month extension for a $250 million corporate credit facility. These measures will strengthen the company's financing platform.
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The Role of the Akoum Platform in the Development of the Bourdain Field
The development of the Bourdain field is an example of BW Energy's business model. With a final investment decision in May, the conversion of the Akoum rig (previously known as Yasmin Alpha) into a 12-slot wellhead platform is underway. This unit provides the necessary capacity for future development phases in the area, with first oil from this field targeted for the first quarter of 2028.
Financial Agreements and Credit Facilities
A 12-year lease with Minsheng Financial Leasing (MSFL) replaces the previous short-term financing and covers 100% of the platform's capital costs. This lease has a fixed eight-year term, with the possibility of extending it for another four years.
Lease costs are shared based on the joint interests of the Dosafou license partners, with BW Energy holding a 73.5% share. Additionally, ownership of the platform will transfer to the license at the end of the lease term.
Increased Financial Flexibility
BW Energy has opted to extend its credit facility with DNB Bank for another 18 months. This new facility is valid until August 2028, and its terms remain unchanged, providing greater financial flexibility to support field development activities and general corporate purposes.
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