Gabon: BW Offshore raises Dussafu stake

Following its acquisition of Harvest Natural Resources’ 66.7% stake, Norway’s BW Offshore has signed a sale and purchase agreement to acquire a further 25% in the Dussafu production-sharing contract from Panoro Energy subsidiary Pan-Petroleum Gabon (AE 340/1). BW will pay Pan-Petroleum $12m in cash and provide a sellers’ credit of up to $12.5m to fund capital spending for Pan-Petroleum’s retained interest through to first oil. Total gross spending to reach first oil in 2018 is estimated at $150m.