News

BW Offshore buys more oil

BWO makes a new oil deal. This field in Brazil, with proven resources is in close proximity to existing fields where BWO has existing operations. The price? Around $1 a barrel. And there is a potential for increased reservoir estimates. The payment is split in three parts, where 50% is due at first oil. As they did with Dussafu, an existing FPSO will be used to fast track the field, and keep costs down.

On Monday morning the CEO of BWO bought %1 of BW Energy for $1,85 million, and will be obliged to participate in the funding of the company.

I believe this is a great deal for the shareholders, and within a few years the company is transformed to a oil company.

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