BW Energy delays new development offshore Gabon

BW Energy Ltd. may delay final installation of DTM-6H in the Dussafu Marin license, offshore Gabon, due to the COVID-19 pandemic. Completed in March, the well was to be hooked up to FPSO BW Aldo in June. COVID-19 restrictions also have suspended drilling of DTM-7H and the subsequent exploration well.

The delays come as part of the company’s first quarter financial and operating results, and on the heels of the previously reported plan to defer Ruche Phase 1 development (OGJ Online, Mar. 19, 2020).

BWE's total revised capital spending program for 2020 now amounts to $115 million, of which about $49 million was spent as of the end of March. Net cash flow from operating activities for the first quarter was $49.8 million and total available liquidity was $168.3 million in cash with no debt as of Mar. 31.

Dussafu daily production from four wells (DTM-2H, DTM-3H, DTM-4H and DTM-5H) to the FPSO BW Adolo is currently 17,500 b/d (gross) compared to 11,800 b/d on average in 2019. Projected Dussafu daily production for 2020 is 15,000 - 16,500 b/d.

Gross production from Tortue averaged 11,485 b/d for first quarter 2020 and total gross production of 1.05 million bbl of oil. BW Energy share of gross production was 768,150 bbl of oil.

Production activities in Gabon remain uninterrupted.