Petrofac will under the agreement, provide engineering capability to support the delivery of a field development plan for the proposed first phase of the development of the permit.
It will be investing about $500 million towards the first phase of development which will be compensated through a share of Bowleven’s production revenue.
Bowleven chief executive officer, Kevin Hart said in a statement on Tuesday: “This complementary union provides Bowleven with potential access to both investment capital and, just as importantly, Petrofac’s extensive development experience,”
“Our alliance with Petrofac will help deliver first production from our Etinde project, and represents a major step towards our goal of converting resources to reserves in Cameroon.”
A financial investment decision on the first phase of development at the Etinde permit is expected during the second half of next year, with first production being targeted for 2016.
The alliance is subject to Bowleven shareholder approval which will be sort at the company’s next general meeting.
The Etinde permit covers three blocks, MLHP-5,6 and 7, off the coast of Cameroon in the Rio Del Rey and Douala basins.