BW Energy has announced the signing of an up to USD 300 million international Reserve Based Lending (RBL) facility. The funds will initially be used to finance the further development of the Dussafu license offshore Gabon.

The facility has an initial commitment of USD 200 million which can be expanded up to an additional USD 100 million. The secured long-term debt facility has been provided by a syndicate of five international banks and has a tenor of six years.

“We are pleased to conclude the RBL which attracted strong interest from a number of international banks and we welcome the support of our new lenders. The facility provides additional liquidity to finance our development of the Dussafu license in Gabon and drive future production growth and long-term value creation from this highly attractive oil producing area,” said Carl K. Arnet, the CEO of BW Energy.