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Second Quarter and First-Half 2021 Results



  • Safeguarding people, operations and assets amid continued COVID-19 pandemic
  • EBITDA of USD 46.9 million for the second quarter and USD 80.2 million for the first-half 2021
  • Strong balance sheet with cash position of USD 216.5 million and no debt
  • Drilled and completed DTM-7H on time and below budget, with first oil expected from DTM-6H and DTM-7H in Q4 2021
  • Drilling operations on Hibiscus North exploration well ongoing
  • On track for the Hibiscus-Ruche development including the jack-up rig re-purposing
  • Q2 2021 gross production of 0.95 million barrels, or equal to ~10,500 bbls/day

EBITDA for the second quarter of 2021 was USD 46.9 million, up from USD 33.2 million in the first quarter of 2021 due to increased oil sales and realised oil price.

“We are pleased with our performance and result in the quarter. The next milestones for BW Energy are the tie-in of two production wells at the Tortue field in the fourth quarter, as well as the result of the Hibiscus North exploration well”, commented CEO Carl K. Arnet.

Gross production from the Tortue field averaged approximately 10,500 barrels of oil per day in the second quarter of 2021, amounting to a total gross production of 0.95 million barrels of oil for the period. The decrease in production compared to the first quarter of 2021 was mainly due to a planned maintenance shutdown.

BW Energy completed two liftings in the quarter and realised an average price of USD 69.8 per barrel. Production cost (excluding royalties) was approximately USD 31 per barrel. The increase in production cost per barrel has mainly been impacted by the lower quarterly production.

The Hibiscus North exploration well (DHBNM-1) was spudded late July and drilling operations are currently ongoing. The well has a geological analogue to the Ruche Field, where the Gamba structure is the primary target.

Total Dussafu production for 2020 is projected to be ~12,800 barrels per day (gross), compared to 14,100 barrels per day on average in 2020. OPEX per barrel is expected to be approximately USD 26 per barrel, compared to USD 20 per barrel on average for 2020. Tie-in of the two wells (DTM-6H and 7H) to BW Adolo in Q4 2021 will give a significant reduction in the OPEX per barrel.

BW Energy had a cash balance of USD 216 million at 30 June 2021, compared to USD 185 million at 31 March 2021. The increase is mainly due to a strong operating cash flow reflecting a higher realised oil price. The company is well capitalised for the upcoming investment activities with a robust balance sheet and no external debt.

BW Energy will today hold a conference call followed by a Q&A hosted by CEO Carl K. Arnet, CFO Knut R. Sæthre and COO Lin G. Espey at 14:00 CEST.

Dial-in details:

Norway: +47 2396 3688
France: +33 170 750 736
Singapore: +65 6408 5768
UK: +44 3333 009 262
US: +1 6467 224 903

The presentation may also be followed via webcast on:

Please note, that if you follow the webcast via the above URL, you will experience a 30 second delay compared to the main conference call. The web page works best in an updated browser - Chrome is recommended.

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 were 242 million barrels at the start of 2021.

This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.