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BW Energy: Fourth Quarter and Full Year Results 2023




  • Q4 EBITDA of USD 133.4 million and net profit of USD 80.2 million
  • Full-year revenue of USD 0.5 billion (+83%) with EBITDA of USD 241.0 million (+56%) and net profit of USD 81.0 million (+80%)
  • Q4 gross production of 3.03 million barrels with 2.48 million net to BW Energy
  • Four liftings of 2.7 million barrels (net BWE) at average realised price of USD ~82 per barrel
  • Achieved combined production milestone of 50,000 operated barrels per day in October
  • Maintained a strong balance sheet with cash position of USD 194 million
  • Completed acquisition of FPSO Cidade de Vitória
  • Discovery of Hibiscus South
  • MoU signed with Cosco Shipping Heavy Industry for FPSO BW Maromba upgrade

BW Energy, operator of the Dussafu Marin licence in Gabon and the Golfinho cluster offshore Brazil, reported EBITDA for the fourth quarter of 2023 of USD 133.4 million, up from USD 49.7 million in the third quarter of 2023, due to increased production and liftings.

Gross production from the operated assets was ~33,000 barrels of oil per day in the quarter, up 20% from the previous quarter. This includes a full quarter of production from the Tortue and Hibiscus fields in the Dussafu licence (73.5% working interest) and the Golfinho field (100% working interest) after assuming ownership in late August.

Full-year 2023 production was approximately 7.6 million barrels of oil, up 97% from 2022. Full-year EBITDA was USD 241 million (USD 154.2 million).

"We delivered strong production from Dussafu and Golfinho, which is reflected in improved financial performance, making the fourth quarter and full year 2023 BW Energy’s best.” said Carl K. Arnet, the CEO of BW Energy. “Looking ahead, we expect increased oil production and strong cash generation in 2024 with the completion of the Hibiscus / Ruche phase 1 development program, including start-up of production from Hibiscus South and Ruche fields and ESP replacements, combined with a full-year contribution from Golfinho in Brazil.”


BW Energy completed two liftings in the fourth quarter at an average realised price of USD 83 per barrel. BW Energy’s share of gross production was approximately 1.5 million barrels of oil. The net sold volume, which is the basis for revenue recognition in the financial statements, was approximately 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. Gross production from the Dussafu licence averaged 22,500 barrels of oil per day in the quarter, amounting to total gross production of 2.07 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. Fourth quarter production cost (excluding royalties) was approximately USD 28 per barrel.

The Company has committed all necessary resources on identifying and resolving the electrical integrity issues affecting the ESPs. Currently, the DHIBM-6H well is producing on natural flow. The DHIBM-3H and DHIBM-4H wells are producing on ESP, following completion of workovers and ESP changeout. Preparations are ongoing for restarting DHIBM-5H well following a similar process. The programme of diagnosis, repair and replacement of the ESPs is well underway.


Gross production from the Golfinho field averaged 10,400 barrels of oil per day in the fourth quarter, amounting to a total production of 958,000 barrels in the period. There were two liftings in the quarter at an average realised price of USD 80 per barrel, with remaining inventory of approximately 325,000 barrels at the end of the period. Fourth quarter production cost (excluding royalties) was approximately USD 44 per barrel.


BW Energy had a cash balance of approximately USD 194.2 million on 31 December 2023, compared to USD 197.6 million on 30 September 2023. The change reflects the net impact from oil sold in the period and investments primarily related to the ongoing Hibiscus / Ruche development. The Company had a total drawn debt balance of USD 380 million as of 31 December 2023 including the Golfinho prepayment facility.

Total production net to BW Energy from Gabon and Brazil for 2024 is projected to be between 10 and 12 million barrels, based on the current Hibiscus / Ruche development plan and ESP work-over schedule. Full-year production cost (excluding royalties) is expected to be USD 30 to 35 per barrel. Net capital expenditures are expected in the range USD 250 to 300 million related to ongoing drilling and project maturation activities.


The 2023 reserves update assessed 2P+2C reserves and resources of 580 million barrels net to BW Energy. This includes 103.1 million barrels in the in the Dussafu licence, reflecting adjustment for net annual production of 5.9 million barrels and positive reserve adjustments on Dussafu, 148.2 million barrels in Golfinho and Camarupim clusters and BM-ES-23, 138.8 million barrels in the Maromba licence, and 190.3 million barrels oil equivalent contingent resources in the Kudu licence. The increase mainly reflects the acquisition of the Golfinho and Camarupim clusters and BM-ES-23.

The Hibiscus / Ruche Phase 1 drilling campaign comprises of eight wells. In addition to the four Hibiscus wells and the one Hibiscus South well drilled to date, the updated plan includes a fifth Hibiscus well, finalisation of the Ruche well, and a Bourdon prospect test well.

In November, a substantial oil discovery was made in the Hibiscus South satellite prospect (DHBSM-1). In early 2024, the Company returned to the well to complete it as a production well. First oil is expected in March, less than five months after discovery. The Hibiscus South structure is a separate accumulation with a deeper oil-water contact than the nearby Hibiscus Field, increasing the Company’s reserve base.

The Hibiscus / Ruche drilling campaign has the potential to bring total oil production on the Dussafu licence up to the FPSO capacity of approximately 40,000 barrels per day gross when all wells are on-stream.

In Brazil, BW Energy completed the acquisition the FPSO Cidade de Vitória from Saipem in November. This will contribute to lower production cost per barrel.  Production from the Golfinho field continues to exceed initial expectations. Preparations continued for two planned Golfinho infill wells (GLF-51 oil well and GLF-50 gas well) which are expected to double production in 2027.

Also in Brazil, the Maromba development plan progressed with completion of the revised concept expected in the second quarter of 2024. Total oil production from Maromba at peak annual average is expected between 30-40,000 barrels of oil per day. In October, BW Energy paid the first instalment for FPSO Polvo, renamed BW Maromba, with the remaining USD 20 million instalment due in the second quarter of 2024. The FPSO has been mobilised to the COSCO yard in China where it is being prepared for upgrades. The final investment decision for the Maromba development is subject to completion of the project financing.

In Namibia, BW Energy is progressing the revised development plan for the gas-to-power project and analysing data from the 3D survey completed in May. Interpretation of the initial data has enhanced the depositional model and de-risked potential targets with additional prospects identified, and the Company has decided to start ordering long-lead items for a future exploration program.


BW Energy continually prioritises safety first with zero harm as an overriding objective for people and the environment. BW Energy is substantially reducing its carbon footprint by developing discovered oil and gas resources through repurposing of existing production infrastructure.

BW Energy expects oil and gas to remain an important part of the global energy mix with increased demand in decades to come and remains focused on realising long-term value creation via its phased development strategy and investments in high-return assets. The flexible investment strategy has proven robust for a range of market scenarios and positions BW Energy to address both short- and long-term opportunities to drive cash flows and earnings.

Energy prices remain at high levels despite a softening of macroeconomic drivers during 2023 as geopolitical conflict, global supply chain challenges, inflation and higher interest rates impacted global economic growth. Reduced OPEC production and continued concerns for global energy supply are among factors supporting current prices.

BW Energy expects to create significant value for its stakeholders going forward. Short-term, the focus is on completing the Hibiscus / Ruche development and resolving the ESP challenges to bring production up towards the FPSO capacity, and optimising production at Golfinho in Brazil while preparing for drilling of two new production wells in 2027. This should further support significant positive cash flow at current oil price levels.


BW Energy today published its annual report for the financial year ended 31 December 2023. BW Energy has also today published the Board-approved report on payments to governments and the annual statement of reserves for the financial year 2023. Please find all reports and the fourth-quarter earnings presentation attached. The reports are also available at:

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 CET.

You can follow the presentation via webcast with supporting slides, available on:

Viewer Registration • Q4 2023  

Call-in information:

Participants dial in numbers:

DK: +45 7876 8490
SE: +46 8 1241 0952
NO: +47 2195 6342
UK: +44 203 769 6819
US: +1 646-787-0157
Singapore: 65-3-1591097
France: 33-1-81221259

PIN code: 980877

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 production facilities to reduce time to first oil and cashflow with lower investments than traditional offshore developments.

The Company's assets are 73.5% of the producing Dussafu Marin licence offshore Gabon, 100% interest in the Golfinho and Camarupim fields, a 76.5% interest in the BM-ES-23 block, a 95% interest in the Maromba field in Brazil and a 95% interest in the Kudu field in Namibia, all operated by BW Energy. Total net 2P+2C reserves and resources were 580 million barrels of oil equivalent at the start of 2024.

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


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