BW Energy

Third quarter 2023 results

THIRD QUARTER 2023 RESULTS  

HIGHLIGHTS 

• Q3 EBITDA of USD 49.7 million and net profit of USD 0.5 million 
• Q3 gross production of 2.49 million barrels with 1.93 million barrels net to BW Energy 
• Completed one lifting of 950,000 barrels (net BWE) at a price of USD 79 per barrel 
• Start-up of two additional Hibiscus / Ruche production wells and gas lift compressor  
• Assumed 100% ownership and operatorship of Golfinho from late August  
• USD 80 million Golfinho prepayment facility and offtake agreement completed and drawn 
• Maintained strong balance sheet with cash position of USD 198 million 
• Substantial oil discovery made in the Hibiscus South prospect (November) 

BW Energy, operator of the Dussafu Marine licence in Gabon and the Golfinho cluster offshore Brazil, reported EBITDA for the third quarter of 2023 of USD 49.7 million, up from USD 39.3 million in the second quarter. Gross production from the operated assets was 27,400 barrels of oil per day in quarter, an increase of 80% compared to the second quarter of 2023. This included a full quarter of production from the Tortue and Hibiscus fields in the Dussafu licence (73.5% working interest) and production from the Golfinho field after assuming 100% ownership on 28 August. 

"We continue to make significant progress on executing our strategy, delivering strong production growth from Dussafu and by becoming owner and operator of material production and cashflow in Brazil, thereby also diversifying and our production and resource base,” said Carl K. Arnet, the CEO of BW Energy. “We have also fast-tracked our appraisal program offshore Gabon, making a substantial oil discovery in the Hibiscus South satellite prospect. This will rapidly be brought into production and provide us with low-cost and low-risk access to high value barrels.” 

FIELD OPERATIONS  

BW Energy completed one lifting in the third quarter and realised a price of USD 79 per barrel. BW Energy's share of gross production was approximately 1.57 million barrels of oil, an increase of over 50% from the prior quarter. The net sold volume, which is the basis for revenue recognition in the financial statement, was approximately 1 million barrels including 32,500 barrels of Domestic Market Obligation (DMO) deliveries with an under-lift position of 116,000 barrels at the end of the period.