USD 80 million Golfinho prepayment facility and offtake agreement
BW Energy has entered into an agreement for an up to USD 80 million prepayment facility with a leading commodity trading company.
The one-year prepayment facility will be used to finance the acquisition of the Golfinho field, the FPSO Cidade de Vitória and field-related investments. As part of the transaction, BW Energy has also entered into an offtake agreement to sell and deliver the crude oil production from the Golfinho field to the commodity trader during the term of the facility.
For further information, please contact:
Knut R. Sæthre, CFO BW Energy, +47 91 11 78 76 [email protected]
About BW Energy:
BW Energy is a growth E&P company with a differentiated strategy targeting proven offshore oil and gas reservoirs through low risk phased developments. The Company has access to existing production facilities to reduce time to first oil and cashflow with lower investments than traditional offshore developments. The Company’s assets are 73.5% of the producing Dussafu Marine Permit offshore Gabon, 100% interest in the Golfinho and Camarupim fields in Brazil, a 65% interest in the BM-ES-23 block in Brazil, a 95% interest in the Maromba field in Brazil and a 95% interest in the Kudu field in Namibia, all operated by BW Energy. Total net 2P+2C reserves and resources were 546 million barrels of oil equivalent at the start of 2023, when including the Golfinho Cluster.
This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act