BW Energy Calls Off USD 300 Million Bond Issue Due to Unfavorable Market Conditions.

BW Energy has decided not to proceed with a USD 300 million senior unsecured bond issue due to unfavorable market conditions. The company will explore other funding sources. BW Energy is a growth E&P company with a focus on proven offshore oil and gas reservoirs through phased developments. Its assets include the Dussafu Marine licence offshore Gabon and the Golfinho and Camarupim fields in Brazil.

Norwegian energy exploration and production (E&P) company BW Energy has decided to shelve its planned USD 300 million senior unsecured bond issue due to unfavorable market conditions. The company will now explore alternative funding sources to support its ongoing projects and future developments [1].

BW Energy, known for its focus on proven offshore oil and gas reservoirs through phased developments, had been preparing for the bond issue to finance its growth initiatives. The company's assets include the Dussafu Marine licence offshore Gabon and the Golfinho and Camarupim fields in Brazil, among others [2].

The decision to postpone the bond issue comes as market conditions have become less favorable for such debt financing. BW Energy, however, remains committed to its growth strategy and is actively seeking other funding options to ensure the continuation of its operations and planned projects.

The company's strategy of targeting proven reservoirs and leveraging existing production facilities to reduce time to first oil and cash flow has been a key factor in its success so far. BW Energy's diverse portfolio of assets, including interests in the Kudu field in Namibia, further underscores its commitment to sustainable and efficient growth in the E&P sector.

References:
[1] https://oilprice.com/Latest-Energy-News/World-News/Namibia-Considers-Incentives-to-Help-Launch-its-Oil-Industry.html
[2] https://finance.yahoo.com/news/bw-energy-company-presentation-fearnley-053000524.html