Namibia: BW Energy raises Kudu stake

Issue 431 - 28 Jan 2021 | 1 minute read

Operator BW Energy has signed an agreement with National Petroleum Corporation of Namibia (Namcor), raising its stake in the Kudu licence to 95% from 56%. Having failed to attract a farm-in partner, the Norwegian company wrote down the full value of the project in Q1 2020, saying the move reflected lower pricing and a delay to the expected development timing. BW Energy said the new arrangement would enable gas sales agreements and increased the likelihood of securing financing for the upstream.

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