BW Energy Approves Gabon and Brazil Oil Projects to Boost Output

BW Energy has taken final investment decisions on two major oil and gas developments in Gabon and Brazil, targeting combined proven and probable (2P) reserves of approximately 68 million barrels of oil equivalent (boe).
The projects include the Bourdon development within the Dussafu license offshore Gabon and a new infill drilling campaign in the Golfinho and Camarupim licenses offshore Brazil. Together, they are expected to increase the company’s net production by around 10%, pushing output beyond 100,000 barrels per day by 2028 and helping sustain that level into the next decade.
The Bourdon Phase 1 project offshore Gabon is targeting first oil in the first quarter of 2028. The development holds estimated 2P reserves of 25 million boe, predominantly oil.
BW Energy plans to repurpose the Akoum drilling rig into a wellhead platformequipped with a 12-slot wellbay. Initial production will come from three wells, with additional drilling potential in the surrounding field area.
The project’s net capital expenditure is estimated at $300 million, with around $100 million required before first oil. This early spending will be supported by a sale-and-leaseback agreement, helping reduce upfront capital pressure.
According to the company, the project is expected to deliver an internal rate of return above 25% at $60 per barrel, with a breakeven price of $45 per barrel.
The Dussafu license partners include BW Energy (operator, 73.5%), Panoro Energy (17.5%), and Gabon Oil Company (9%).
In Brazil, BW Energy has approved the drilling of four new wells across the Golfinho and Camarupim licenses, targeting 50 million boe in 2P reserves. The resource mix is estimated at 42% oil and 58% gas.
The new wells will be tied back to the existing Golfinho FPSO and gas export infrastructure, enabling faster and more cost-efficient development.
First production is expected by late 2028, with the project projected to triple output from the Golfinho area to around 30,000 boe per day by 2029.
The Brazilian development carries a net capital cost of approximately $450 million, including $170 million already committed to long-lead equipment.
BW Energy estimates the project will achieve an internal rate of return above 50%at $60 per barrel, with a breakeven price of $40 per barrel, reflecting strong economics supported by existing infrastructure.