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Bw Energy: Fourth Quarter and Full Year Results 2022




  • Q4 EBITDA of USD 21.8 million and net loss of USD 8.0 million
  • Q4 gross production of 883,000 barrels with 649,000 million net to BW Energy
  • Completed one lifting of 680,000 barrels (net BWE) at a price of USD ~73 per barrel
  • Maintained a strong balance sheet with cash position of USD 210.8 million
  • Hibiscus / Ruche development on track for first oil in late Q1 2023 following start of drilling operations and completion of subsea activities in early January
  • Planned first oil from Maromba revised to H2 2026
  • Full-year EBITDA of USD 154.2 million and net profit of USD 45 million

EBITDA for the fourth quarter of 2022 was USD 21.8 million, down from USD 61.5 million in the third quarter of 2022, mainly due to a decrease in the realised oil price. One lifting to BW Energy is scheduled in the first quarter of 2023. The drilling campaign at the Hibiscus field commenced at the start of 2023 and is progressing in line with the schedule for first oil from the Hibiscus / Ruche development towards the end of the first quarter of 2023.

"We continue to progress multiple strategic initiatives for long-term value creation through phased development of proven resources and repurposing of existing energy infrastructure. This is reflected in the fast-track Hibiscus / Ruche development which is set to yield a material increase in oil production and a step change in our cash generation as we successively start to add new producing wells. We are also moving towards completion of the acquisitions of the Golfinho and Camarupim Clusters in Brazil, which will add further production and access to low-risk development opportunities,” said Carl K. Arnet, the CEO of BW Energy.  

BW Energy completed one lifting in the fourth quarter and realised a price of USD 73 per barrel. BW Energy's share of gross production was approximately 649,000 barrels of oil. The net sold volume, which is the basis for revenue recognition in the financial statement, was 745,000 barrels including 65,000 barrels of quarterly Domestic Market Obligation (DMO) deliveries with an under-lift position of 76,000 barrels at the end of the period.

Gross production from the Tortue field averaged approximately 9,600 barrels of oil per day in the fourth quarter of 2022, amounting to a total gross production of approximately 883,000 barrels of oil for the period. The decrease in production compared to the third quarter of 2022 was mainly due to planned field development and modification activities. Fourth quarter production cost (excluding royalties) was approximately USD 40 per barrel due to the lower production.

Full-year 2022 production averaged approximately 10,600 barrels of oil per day (gross), or approximately 3.9 million barrels of oil. Full-year EBITDA was USD 154.2 million. Average production cost for the year 2022 was USD 36 per barrel.

BW Energy had a cash balance of USD 210.8 million on 31 December 2022, compared to USD 186 million at 30 September 2022. The increase is due to the payment received for the December lifting and a drawdown on BW Energy’s reserves-based lending (RBL) facility, offset by continued investments in the Hibiscus / Ruche development project.

Total Dussafu production for 2023 is projected to be between 8 to 10 million barrels gross, based on first oil from the Hibiscus / Ruche development late in the first quarter. Full-year production cost (excluding royalties) is expected to be USD 20 to 25 per barrel.


The 2022 reserves update assessed 2P+2C reserves and resources of 428 million barrels net to BW Energy. This includes 99.1 million barrels in the in the Dussafu license, reflecting adjustment for gross annual production of 3.9 million barrels, 138.8 million barrels in the Maromba license, and 190.3 million barrels oil equivalent contingent resources in the Kudu license. The increase during the year is due to the inclusion of the Kudu contingent resources following an independent third-party assessment.

The Hibiscus / Ruche development continued towards planned first oil at the end of the first quarter of 2023 with drilling operations commencing in early January following installation of the re-purposed BW MaBoMo offshore production facility on the field in October together with the 20 km subsea pipeline to the BW Adolo FPSO. The final installation of flexible pipelines and risers was completed in early January. To date, the development project has been executed with strong HSE performance. The total gross Hibiscus / Ruche Phase 1 development capex is projected to be approximately USD 450 million, well below the original final investment budget of USD 490 million gross.

As previously communicated, the new gas lift compressor to support production for the six existing Tortue wells was lifted onboard the BW Adolo in December 2022. Installation work is ongoing. Commissioning and start-up of the compressor is expected to commence after first oil from Hibiscus / Ruche, which has priority during the current high-activity period onboard the FPSO.

In Brazil, the Maromba development progressed following the April decision to proceed with the project and agreement to purchase the FPSO Polvo, which will be upgraded and redeployed to the field. The project economy remains robust with BW Energy seeking further cost optimisations in the current high inflation environment. Discussions are ongoing related to the financing of the FPSO refurbishment. Planned first oil has been revised to the second half of 2026. This is based on three initial production wells as part of a staged development which enables improved reservoir monitoring and optimisation of the second drilling campaign. Total average annual oil production at peak is expected between 30-40,000 barrels per day. The final investment decision is subject to completion of the project financing.

In February 2023, BW Energy‘s Namibian subsidiary BW Kudu Ltd. signed an Engagement Protocol with the local power company NamPower Corp. The Engagement Protocol covers the project feasibility process and a term sheet for the Power Purchase Agreement and plan for final negotiations. The timing of final sanction Kudu gas-to-power development is subject to realising a project financing solution as well as negotiating power sales agreements.

Two years of detailed subsurface work in Kudu has highlighted potential additional gas resources and shallower oil targets, of which the latter have been de-risked by recent discoveries in Namibia. BW Energy is currently acquiring a modern 3D seismic, gravity and magnetic dataset over the license This will further enhance the depositional model, de-risk additional upside targets, and provide better data to support FEED programs in addition to potential future farm-in discussions.

Further in Brazil, BW Energy continued to prepare for the acquisition of a 100% operated working interest (WI) in the Golfinho and Camarupim Clusters and 65% WI in the BM-ES-23 block from Petrobras, as well as taking over the FPSO Cidade de Vitoria from Saipem. This includes progressing relevant approvals from the Brazilian authorities, operational preparedness, field development planning and build-up of the local BW Energy organization. BW Energy was approved as a deep-water class A operator by ANP in November. Closing the field transaction and FPSO takeover is subject to fulfilment or waiver of conditions precedent and the restart of the FPSO after upgrades required by ANP. The transactions are expected to add approximately 9,000 barrels of oil per day net to BW Energy as well as several proven low risk in- field development opportunities with short lead times and substantial potential long-term upside.


BW Energy 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 large-scale repurposing of existing production infrastructure.

BW Energy expects oil and gas to remain an important part of the global energy mix 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 historically high levels despite a softening of macroeconomic drivers during 2022 as geopolitical conflict, global supply chain challenges, inflation, and higher interest rates slowing global economic growth. This is primarily due to strong underlying global demand combined with the war in Ukraine and sanctions imposed on Russia which have reduced regional energy supply in Europe and created concerns for shortages.

BW Energy expects to create significant value for its stakeholders going forward. Short-term, the focus is on bringing Hibiscus / Ruche to first oil and closing the asset transactions in Brazil. Both are milestones which are expected to provide a substantial increase in oil production in 2023 and onwards. This should further support significant positive cash flow at current oil price levels. BW Energy has a solid capital base with the RBL facility that will initially fund accretive investments in the Dussafu license offshore Gabon.


BW Energy today published its annual report for the financial year ended 31 December 2022. BW Energy has also today published the Board-approved report on payments to governments and the annual statement of reserves for the financial year 2022. 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 09:00 CET.

Conference call information:

Register for call-in here:

BW Energy Q4 call-in registration

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

BW Energy Q4 Presentation – webcast registration

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 main assets are 73.5% of the producing Dussafu Marine Permit offshore Gabon, 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 428 million barrels at the start of 2023.

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


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