BW Energy: Q4 2023 trading update
January 12 2024 - 12:30AM
BW Energy: Q4 2023 trading update
Q4 2023 trading update
BW Energy, as the operator of the Dussafu Marine licence in
Gabon and the Golfinho cluster offshore Brazil, provides an update
on its operations and development. The Company will publish
financial figures for the fourth quarter and full year of 2023 on
Wednesday, 28 February 2024.
Gross production from the operated assets was 3,031,000 barrels
of oil in the fourth quarter of 2023. This includes production from
the Tortue and Hibiscus fields in the Dussafu licence (73.5%
working interest) and the first full quarter of production from the
Golfinho field after assuming 100% ownership in August.
DUSSAFU
Gross production from the Dussafu licence averaged 22,500
barrels of oil per day in the quarter, amounting to a total gross
production of 2,073,000 million barrels of oil for the period.
Production was impacted by the previously communicated electrical
issues affecting the ESPs’ (electrical submersible pumps) on the
Hibiscus field. BW Energy completed two liftings in the quarter,
one in October of approximately 960,000 barrels at a realised price
of USD 90 per barrel and one in December of approximately 720,000
barrels at USD 75 per barrel.
BW Energy’s share of gross production was approximately 1.3
million barrels of oil. The net sold volume, which is the basis for
revenue recognition in the financial statement, was approximately
1.86 million barrels including 187,000 barrels of state profit oil
with an over-lift position of 228,000 barrels at the end of the
period.
The Company has committed all necessary resources on
identifying and resolving the electrical integrity issues affecting
the ESPs. Currently, the DHBM-6H well is producing on natural flow.
The DHBM-4H well is producing on ESP following completion of a
workover and ESP changeout, and preparations are ongoing for
restarting DHBM-3H well following a similar process. The programme
of diagnosis, repair and replacement of the ESPs is well
underway.
GOLFINHO
Gross production from the Golfinho field averaged 10,400 barrels
of oil per day in the fourth quarter, amounting to a total
production of 958,000 barrels in the period. There were two
liftings in the quarter, one in November of 521,500 barrels at a
realised price of USD 84 per barrel and the second in December of
500,000 barrels at USD 77 per barrel, with remaining inventory of
approximately 325,000 barrels at the end of the period
OTHER ITEMS
BW Energy had a cash balance of approximately USD 194 million on
31 December 2023, compared to USD 197.6 million on 30 September
2023. The decrease reflects the net impact from oil sold in the
period and investments, primarily related the ongoing Hibiscus
Ruche field development. The Company had a total drawn debt balance
of USD 380 million as of 31 December 2023 including the Golfinho
prepayment facility.
For further information, please
contact:
Knut R. Sæthre, CFO BW Energy, +47 91 11 78 76 ir@bwenergy.no
About BW Energy:
BW Energy is a growth E&P company with a differentiated
strategy targeting proven offshore oil and gas reservoirs through
low risk phased developments. The Company has access to existing
production facilities to reduce time to first oil and cashflow with
lower investments than traditional offshore developments. The
Company's assets are 73.5% of the producing Dussafu Marine licence
offshore Gabon, 100% interest in the Golfinho and Camarupim fields,
a 76.5% interest in the BM-ES-23 block in, a 95% interest in the
Maromba field in Brazil and a 95% interest in the Kudu field in
Namibia, all operated by BW Energy. Total net 2P+2C reserves and
resources were 546 million barrels of oil equivalents at the start
of 2023, when including the Golfinho Clusters.
This information is subject to the disclosure requirements
pursuant to section 5-12 of the Norwegian Securities Trading
Act
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