Andreas Sohmen-Pao’s BW Group has teamed up with public company BW Offshore to invest in a Gabon oil field.
New joint-venture company BW Energy will control a 66.67% stake in the Dussafu production sharing contract, with rights secured for a further 25%.
Oslo-listed BW Offshore is directing $32m into the project, a statement said.
Analysts at Arctic Securities note the initiative will allow BW Offshore to redeploy one of its idle FPSOs, with the Azurite the most likely candidate.
