BW Energy
BW Energy is an exploration and production (E&P) company involved in the acquisition, development and production of oil and natural gas fields, and holds majority interests in eight hydrocarbon licences in Gabon, Brazil, and Namibia.
The Company concentrates on proven hydrocarbon fields with significant upside potential to leverage in-house technical, operational and basin expertise with repurposed infrastructure. BW Energy’s team of highly skilled E&P professionals in all disciplines have demonstrated success in major basins around the world.
BW Energy is listed on the Oslo Stock Exchange under the ticker code BWE.
Dussafu, Gabon
Performance beyond expectations
The Dussafu license is situated within the Ruche Exclusive Exploitation Area (Ruche EEA), which covers 850 km2 and includes eight discovered oil fields and numerous leads and prospects. The average water depth is 116 metres. The Production Sharing Contract allows for production of hydrocarbons from the Ruche EEA for up to 20 years from first production, which was achieved in September 2018.
Fields on the Dussafu block produce to the BW Adolo FPSO, adjacent to the Tortue Field. Phase 1 of the Dussafu development included two subsea horizontal production wells at the Tortue Field. Production is aided by gas lift as the artificial lift mechanism. Tortue Phase 2 introduced four additional subsea production wells at Tortue Field as part of continued Dussafu development. The Hibiscus / Ruche development project in the Hibiscus, Hibiscus South, and Ruche Fields added eight horizontal production wells, all targeting the Gamba reservoir.
In 2023, Hibiscus field was brought on production through four new wells to the MaBoMo facility. Hibiscus field uptime was 97%, including scheduled downtime. Production from the MaBoMo facility is transported to the BW Adolo FPSO through a 20 km pipeline.
Dussafu averaged a gross rate of approximately 17,100 barrels per day in 2023. Approximately 6.3 million barrels gross were produced in the year. Another three development wells were drilled in 2024 to complete the first phase of Hibiscus / Ruche development, bringing the planned development well count to 13 in the overall Dussafu licence.
BW Energy Gabon SA hold 73.5% operated interest in the Dussafu licence while Panoro Energy and Gabon Oil Company hold 17.5% and 9% interest, respectively.
Golfinho, Brazil
A Prolific field in the Espírito Santo Basin
BW Energy acquired the Golfinho licence in August 2023. It is located in the Espírito Santo Basin with water depths between 1,300 and 2,200 metres.
Golfinho hydrocarbons are produced to the FPSO Cidade de Vitória, which BW Energy acquired and has operated since November 2023. The Golfinho field has six producing subsea wells in Campanian and Maastrichtian-aged reservoirs tied to FPSO Cidade de Vitória, also owned and operated by BW Energy. The field has been producing since 2007. Crude oil is offloaded to shuttle tankers and gas can be transported to or from shore through a pipeline routed to the Cacimbas Gas Treatment Unit.
In 2023, Golfinho Field averaged a gross rate of approximately 10,700 barrels per day. Approximately 1.3 million barrels gross were produced during the year since BW Energy gained operatorship. The field uptime was 87%, including scheduled downtime.
Gross reserves are 40.3 million barrels of oil equivalent of proven recoverable reserves based on third party estimates. These reserves are predominately oil, of which 26.4 million barrels of oil equivalent are developed and producing and 13.9 million barrels of oil equivalent are undeveloped, defined infill opportunities.
BW Energy Maromba do Brasil Ltda currently holds 100% operated ownership interest in Golfinho.
Maromba, Brazil
Exciting new steps
The Maromba discovery is located approximately 100 kilometers offshore in the southern part of the Campos Basin. The water depth in the area is approximately 160 meters. Maromba lies within a 375 square kilometer “ring-fence” carved out of the former BC-20 exploration block, called the BC-20A concession. Nine wells were drilled in the license between 1980 and 2006, and oil has been found in eight of these across various reservoirs including in the Eocene, Maastrichtian, Albian, Aptian and Barremian levels.
Development will target heavy crude oil at API gravity of 16° but with low relative viscosity and sulphur content in the Maastrichtian reservoir. The project aims for an expected peak annual oil production of 30-40,000 bbls/day, with a concept that supports future low-cost development phases and production upside potential. The Maromba development is progressing towards FID and execution, utilizing a dry tree wellhead platform and FPSO BW Maromba (formerly Polvo).
BW Energy Maromba do Brasil Ltda currently holds 100% operated working interest. Magma Oil holds a 5% back-in right in the Maromba license which they are expected to execute upon first oil.
Kudu, Namibia
Gaining momentum
The Kudu gas discovery is in the northern Orange sub-basin approximately 130 km off the south-west coast of Namibia. It is situated in Petroleum Production License 003 (“PPL003”) which has an area of 4,567 square kilometres and the field water depth is approximately 170 metres. The field was discovered in 1974 with Kudu-1 and is delineated by seven subsequent wells.
A new 5,000 km2 seismic survey was acquired across the entire Kudu licence in 2023 to enhance data quality as part of ongoing evaluation to better understand the subsurface and to support future development plans.
In 2024, BW Energy secured long-lead items in preparation for a 2025 exploration program.
BW Kudu Ltd. Currently holds 95% of the Kudu license with NAMCOR holding the remaining 5% interest.
