BW Energy is presenting at the Pareto Securities' Energy Conference today. Please see the attached presentation.
The presentation references the progression of an alternative development plan for Hibiscus/Ruche, utilising a converted jack-up instead of constructing and installing a new wellhead platform. The conversion concept is expected to reduce development capex, time to first oil and enable a substantial reduction to field-development related climate gas emissions by re-using already existing energy infrastructure.
The alternative development plan has the potential to lower the estimated cash-break even oil price for the Hibiscus/Ruche (phase 1 and 2) development to approximately USD 25 per barrel Brent. A final decision to restart the Hibiscus/Ruche development is subject to lifting of COVID-19 restrictions to allow for efficient project execution, currently expected towards year-end 2020.
The presentation also refers to the expected impact from completion of the remaining two wells of the Tortue phase 2 development. These are currently expected to be completed at end of Q2 2021, adding 8-9,000 gross bbls/day at peak.
For further information, please contact:
Knut R. Sæthre, CFO BW Energy, +47 91 11 78 76
About BW Energy:
BW Energy is a growth E&P company with a differentiated strategy targeting proven offshore oil and gas reservoirs through low risk phased developments. The Company has access to existing FPSOs to reduce time to first oil and cashflow with lower investments than traditional offshore developments. The main assets are 73.5% of the producing Dussafu Marine Permit offshore Gabon and a 95% interest in the Maromba field in Brazil, both operated by the Company. Total net 2P+2C reserves are 247 million barrels at the start of 2020 and gross average production from Dussafu was 11.8 kbopd in 2019.
This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.