BW Energy will publish financial figures for Q1 2025 and host a presentation at Hotel Continental, Oslo, on Monday, 5 May 2025. Net production to BW Energy was 3.2 million barrels of oil (mmbbls) in Q1 2025, equal to 36,000 bbls per day, from the Dussafu licence in Gabon (73.5% working interest) and the Golfinho field (100% working interest) in Brazil).
DUSSAFU
Record quarterly production since inception
Eight producing Hibiscus / Ruche wells, and all Tortue wells on-line
Q1 production availability ~93% on FPSO BW Adolo, and ~99% on MaBoMo
3 liftings to BW Energy, 1 lifting to GOC / State according to plan
Operating cost1 of USD 9.9/bbl
Net volume sold (basis for revenue recognition), included 65,000 bbls of DMO deliveries and 320,889 bbls of state profit oil, with an over-lift position of 350,893 bbls at period-end
Takeover of BW Adolo FPSO operations ongoing with planned completion of transition period in Q2 2025
Substantial oil discovery with good reservoir quality made on the Bourdon prospect with initial data indicating the potential for establishing a new development cluster with a production facility
GOLFINHO
Inventory at period end of 597,750 bbls
Operating cost1 of USD 42.2/bbl primarily due to increased production
Production positively impacted by resumed gaslift after completion of Petrobras maintenance
Q1 production availability ~84% on FPSO Cidade de Vitória
Final investment decision (FID) made for the Golfinho Boost project aiming to increase uptime, reduce operating expenses and add approximately 3,000 barrels per day of incremental oil production from 2027
MAROMBA
BW Energy expects to announce FID on the Maromba development project within the next few weeks
HEDGING, LIQUIDITY AND DEBT
Oil hedging: Q1 net loss of USD 0.9 million from oil derivatives (USD 2.1 million unrealised loss and USD 1.2 million realised gain)
Period-end cash balance of USD 286 million vs. USD 221 million end-December 2024, with the change reflecting cash flow from operations, debt repayment and investments
Entered into a new and increased Dussafu RBL facility
Period-end gross debt of USD 583 million includes MaBoMo lease, Dussafu RBL, Golfinho prepayment facility and bond debt
