BW Energy Updates Gabon Production and Work Program

Friday, January 12, 2024

BW Energy has provided an update on its operations and development in Gabon’s Dussafu license. Gross production from the Dussafu license averaged 22,500 barrels of oil per day in Q4 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 approx. 960,000 barrels at a realized price of USD 90 per barrel and one in December of approx. 720,000 barrels at $75 per barrel.

BW Energy’s share of gross production was approx. 1.3 million barrels of oil. The net sold volume, which is the basis for revenue recognition in the financial statement, was approx. 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 program of diagnosis, repair and replacement of the ESPs is well underway.

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