BW Energy Completes Two Production Wells Offshore Gabon

October 20, 2021

BW Adolo FPSO (Credit: BW Offshore /File Photo)
BW Adolo FPSO (Credit: BW Offshore /File Photo)

Oslo-listed oil and gas company BW Energy has brought online the Gamba well DTM-7H as part of the Tortue Phase 2 field development in Gabon. The final well, DTM-6H, in the Dentale formation, is scheduled to come onstream in the coming days. 

Current production prior to the two new production wells is around 11,500 barrels of oil per day.

The Tortue development consists of six production wells, tied back to the FPSO BW Adolo. 

The Tortue Phase 2 development consists of four production wells, tied back to the FPSO.  The company last year brought online the DTM-4H Gamba and DTM-5H wells, but the completion of the DTM-6H and DTM-7H wells was suspended due to the COVID-19 pandemic.

"The Tortue Phase 2 development was completed below budget and within the revised timeframe. We look forward to the production growth following first oil from the two wells. Operationally we will now focus on stabilization of the production and wrapping up the project activities”, said Carl K. Arnet, the CEO of BW Energy.

Gross production from the Tortue field averaged approximately 9,000 barrels of oil per day in the third quarter of 2021, amounting to a total gross production of 0.8 million barrels of oil for the period. 

"The decrease in production compared to the second quarter of 2021 was mainly due to plant shutdowns and temporary operational issues. The previously communicated shortage of gas lifting capacity also impacted production. A nitrogen generation unit has been installed on BW Adolo which has significantly improved production efficiency," BW Energy said.

"As previously guided, there were no BW Energy liftings in the quarter. Production cost (excluding royalties) was approximately USD 36 per barrel.  While the absolute production cost remained stable, the unit cost expressed reflects the lower production rate realised in the third quarter," BW Energy said.

BW Energy further said that the overall production cost included approximately USD 1.5 million of costs related to the continued handling of the COVID-19 pandemic through the period. 

"Third-quarter revenue is expected to reflect approximately 195,000 barrels of quarterly Domestic Market Obligation (DMO) deliveries with an under-lift position of around 203,000 barrels at the end of the period," BW energy said.

BW Energy had a cash balance of $170 million at September 30, 2021, compared to $216 million at June 30, 2021. 

The company said the decrease was mainly due to investment activities related to Tortue Phase 2, progress on the Hibiscus/Ruche project, as well as completing the exploration drilling campaign in Dussafu.

 



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