Presentation

BW Energy is an E&P company with hydrocarbon assets in Gabon, Brazil and Namibia. The company was spun out of BW Offshore and listed as a separate entity on the Oslo Stock Exchange in February 2020. BW Offshore currently owns 35.2% of the outstanding shares while BW Group holds a direct 35.1% stake in the company. As of year-end 2020, BW Energy had 105 mill bbl in net 2P reserves and 36 mill bbl in 2C resources.

BW Energy holds a 73.5% working interest in the Dussafu block offshore Gabon. The block was acquired in April 2017, with no clear path to FID. Only, 18 months later, BW Energy achieved first oil, on time and budget. In addition, the company acquired the Maromba field in March 2019, where it holds an operating 95% interest.

BW Energy plans to engage in two exploration wells at the Dassafu block per year over the next four years. By 2024, BW Energy forecasts a total gross production of ~41,000 bbl/day at the Dassafu block. The Maromba field development plan has been approved by ANP, with FID for the first phase planned for Q1’22. The first phase has a breakeven oil price below USD 40/bbl and an IRR of ~15%, according to the company.