BW Energy has signed a deal to increase its stake in the Kudu licence, offshore Namibia, potentially reviving the long-dormant project.
Borr Drilling said in its new fleet status report that it had added $35.1 million over 480 days to its total backlog.
Borr Drilling has taken a 30% knock to its revenues after a series of cancellations and delays to contracts by oil and gas operators.
Borr Drilling has announced the sale of its third rig in a month as the firm seeks to consolidate its fleet size.
BW Energy has acquired two jack-up rigs and hatched a new plan for the development of the Hibiscus/Ruche field, offshore Gabon.
Namibia continues to expect hydrocarbons to be discovered offshore, but in the meantime is working on energy transition plans.
Improved oil prices buoyed BW Energy’s second quarter results, opening the way for the company to plan additional drilling in Gabon.
Panoro Energy has reported higher production in the first quarter but lower revenues, as a result of fewer liftings and lower prices.
Additional drilling at Gabon’s Dussafu Marin licence has been deferred because of coronavirus, BW Energy has said, blaming international travel restrictions.
Work at the Dussafu Marin licence in Gabon has slowed as a result of the coronavirus outbreak.
Plans for an IPO for marginal field-developer BW Energy have been pushed back – and pricing scaled back – in light of financial volatility, blamed on the coronavirus in China.
BW Energy expects to price shares in its IPO at 34.2-36.6 Norwegian krone ($3.74-4), valuing the company at $700-750 million.
BW Offshore intends to hold an IPO of its BW Energy unit, which is producing oil in Gabon, in the first quarter of 2020 on the Oslo Stock Exchange.
Tullow Oil has exercised its back-in right for a 10% stake in Gabon’s Dussafu production-sharing contract (PSC), although the amount payable is under dispute.
China’s CNOOC Ltd has signed up to explore two blocks in Gabon, the 11th contract signed since the country brought in its new hydrocarbon code.
BW Offshore plans to double production from the first phase of the Ruche development to 30,000 barrels per day.
BW Offshore’s work on the Hibiscus find suggests it may hold 40-50 million barrels, up from the initial estimate of 12mn barrels.
BW Energy is planning to reach a final investment decision (FID) on its Ruche development, in Gabon’s Dussafu licence, in the last quarter of the year. Further growth is expected to come from August’s Hibiscus discovery. The company continues to hold the Kudu gas project, in Namibia, but like many others before it, progress appears slow.