GABON: BW Energy Reports Highest Quarterly Production from the Dussafu licence

BW Energy reports net production was approximately 2.5 mmbbls of oil and the net sold volume, the basis for revenue recognition, was approximately 2.7 mmbbls including 97,500 bbls of DMO deliveries and 311,429 bbls of state profit oil with an under-lift position of 248,700 bbls at period-end. it completed During this period it completed three liftings in the fourth quarter at an average realised price of USD 72.5/bbl.

Net production from the Dussafu licence averaged ~27,300 bbls/day, an increase of 36% from the previous quarter. Operating cost (excluding royalties) decreased to USD 18.5/bbl from USD 20.5/bbl in the third quarter due to operational efficiencies and increased production. Further cost savings are expected as BW Energy is preparing to take over the operations of the BW Adolo FPSO during the first half of 2025.

All ESP change outs were completed as planned and on 2 January 2025, Phase 1 of the Hibiscus / Ruche development was completed with eight producing wells, two more than planned at project sanction. 

“BW Energy delivers strong production growth, increased reserves and record financial performance in the fourth quarter and full year 2024 supported by new ESPs, successful appraisal wells and the completion of the Hibiscus / Ruche development,” said Carl K. Arnet, the CEO of BW Energy. “We have a pivotal 2025 ahead, executing on our strategy for growth and long-term value creation. Appraisal of the Bourdon structure in Gabon is ongoing.

BW Energy adds that it has plans in the second half to will drill the first Kudu appraisal in Namibia, a high impact well which may help unlock secure access to energy in a part of Southern Africa with unstable supply.

BW Energy is the operator of the Dussafu Marin licence in Gabon. Net production in Gabon was 33,600 bbls/day, including the Tortue, Hibiscus, and Hibiscus South fields in the Dussafu licence (73.5% working interest.