BW Energy has signed a US$250 million Corporate Revolving Credit Facility with Norway’s largest financial services group, DNB Bank ASA, to bolster financial flexibility for its offshore oil and gas projects.
The funding will support ongoing field development and general corporate purposes.
The facility, backed by BW Group, has an initial 18-month tenor with a bullet maturity and an option to extend for a further 18 months. Drawn amounts will bear interest at Term SOFR plus 6% per annum, with a 0.6% commitment fee on undrawn balances.
“This facility enhances our liquidity and provides cost-effective access to capital, allowing us to maintain financial flexibility as we advance our growth projects,” said BW Energy Chief Financial Officer Brice Morlot.
BW Energy, listed on the Oslo Stock Exchange, is an agile, infrastructure-led offshore exploration and production company with operations in Gabon, Brazil, and Namibia.
The company specialises in de-risking proven offshore fields through phased developments and leveraging existing production facilities to accelerate first oil and reduce capital expenditure.
In Gabon, BW Energy operates the Dussafu Marine licence—producing via the FPSO BW Adolo—and recently made a substantial oil discovery at the Bourdon prospect, confirming a 45-metre hydrocarbon column.
In Brazil, the company has sanctioned a US$1.5 billion development at the Maromba field, aiming to produce 123 million barrels from a 500 million-barrel resource, with first oil targeted for 2027 and peak output of 60,000 barrels per day.
In Namibia, BW Energy holds a 95% interest in the Kudu gas field, located about 130 kilometres offshore in 170 metres of water.
The field contains estimated proven and probable reserves of 1.3 trillion cubic feet of gas, with contingent resources potentially increasing the total to nearly 2 trillion cubic feet.
Development plans are centred on supplying gas to a planned combined-cycle power plant near Oranjemund, which will tie into Namibia’s national grid and potentially export surplus electricity to the Southern African Power Pool.
The company has completed 5,000 km² of 3D seismic surveys over Kudu and plans to drill an appraisal well later this year to confirm reservoir quality and update resource estimates.
The revised strategy involves repurposing a semi-submersible Floating Production Unit for gas-to-power development, a move expected to lower costs and shorten the development timeline.
If the appraisal confirms expectations, first gas could be delivered within four to five years, unlocking a significant domestic energy source for Namibia and reducing reliance on imported electricity.
DNB Bank, headquartered in Oslo, serves as a major lender to the energy, shipping, and seafood industries, providing corporate, retail, and investment banking services across global markets.
