BW Offshore signed a farm-out deal in order to become operator of the Kudu license offshore Namibia with a 56% stake. BW Offshore’s subsidiary BW Kudu will acquire the license with the state-owned oil company National Petroleum Corporation of Namibia (NAMCOR), which will be holding the remaining 44% interest, reported Offshore Engineering.
BW Kudu will pay for past costs once it receives the transfer of the field interest. The final investment decision is planned for Q4 of 2017, Global News Wire wrote.
BW Offshore’s CEO, Carl K. Arnet, stated: “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.”
Arnet added: “Kudu represents another opportunity for BW Offshore to take a proactive development role in a project that will produce for 15-25 years.”