BW Offshore: Farm-in to Kudu field in Namibia
(Thomson Reuters ONE) -
BW Kudu Limited (a wholly owned subsidiary of BW Offshore) has entered into a
Farm-Out Agreement for a 56% stake of the Kudu license offshore Namibia.
National Petroleum Corporation of Namibia (NAMCOR), the Namibian state-owned oil
company, will hold the remaining 44% of the license. BW Kudu will become
operator of the Kudu license.
BW Kudu will pay for past costs upon transfer of the field interest to the
company. The final investment decision is planned for Q4 2017.
"BW Offshore will now start the work with the Namibian government, NAMCOR,
NamPower (the Namibian power utility), large infrastructure investors and other
stakeholders to get this very exciting project to FID" said Carl K. Arnet, CEO
of BW Offshore.
The Kudu field was discovered by Chevron in 1974 approximately 170 km off the
coast of Namibia. A further seven appraisal wells have been drilled since then
by various oil companies including Shell and Tullow who subsequently withdrew
from the project. The Kudu field is estimated to contain 1C-2C-3C Contingent
Resource range within the main reservoir ("K3") of 755-1330-2308 Bscf
respectively. The Kudu Gas to Power project calls for gas to be produced by a
Floating Production Unit before being exported by pipeline to a new 885 MW gas
to power plant onshore Namibia.
"Kudu represents another opportunity for BW Offshore to take a proactive
development role in a project that will produce for 15-25 years. Falling
development costs after the 2014 drop in oil prices has helped in making the
project economically feasible. The electricity generated by the power station
will reshape electricity supply in south-western Africa, providing a secure
long-term supply to support the development of Namibia and potentially
neighboring countries", added Carl K. Arnet.
NAMCOR's Managing Director Immanuel Mulunga said the project will play a
fundamental role in shaping the energy dynamics of Namibia. "The Kudu Gas-to-
Power Project is a key strategic power generation project for Namibia, which
will significantly reduce reliance on imported power while at the same time
accelerating economic development." He further remarked that the project has the
potential of strengthening Namibia's international standing: "The Kudu Gas to
Power Project will not only enable Namibia to entirely cater for its own power
needs but become a net exporter of power to regional markets".
For further information, please contact:
Carl K. Arnet, CEO, +65 6570 3823
Knut R. Sæthre, CFO, +47 911 17 876
BW Offshore is a leading global provider of floating production services to the
oil and gas industry. BW Offshore has a fleet of 14 owned FPSOs and one FSO
represented in all major oil & gas regions world-wide. BW Offshore has a long
track record on project execution and operations. In more than 30 years of
production, BW Offshore has executed 38 FPSO and FSO projects. The company is
listed on the Oslo Stock Exchange.
This information is subject to the disclosure requirements pursuant to section
5 -12 of the Norwegian Securities Trading Act.
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: BW Offshore via GlobeNewswire
Unternehmensinformation / Kurzprofil:
Datum: 07.02.2017 - 07:30 Uhr
Sprache: Deutsch
News-ID 522279
Anzahl Zeichen: 3969
contact information:
Town:
Oslo
Kategorie:
Business News
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"BW Offshore: Farm-in to Kudu field in Namibia"
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