From GlobeNewswire:

BW Energy reported strong fourth quarter and full year results for 2023, with highlights including USD 133.4 million EBITDA and USD 81.0 million net profit. Gross production reached 3.03 million barrels in Q4, with liftings of 2.7 million barrels at ~USD 82 per barrel. The company achieved a milestone of 50,000 barrels per day in October.

In the Dussafu licence, BW Energy completed two liftings in Q4, generating USD 83 per barrel on average. Gross production from the license averaged 22,500 barrels per day, impacted by electrical issues on the Hibiscus field. Fourth quarter production cost was about USD 28 per barrel.

Gross production from the Golfinho field averaged 10,400 barrels per day in Q4, with liftings at USD 80 per barrel. Production cost was approximately USD 44 per barrel. BW Energy had a cash balance of USD 194.2 million on December 31, maintaining a strong balance sheet.

BW Energy’s 2023 reserves update included approximately 580 million barrels net to the company. The Hibiscus/Ruche Phase 1 drilling campaign includes the Hibiscus South oil discovery, set to begin production in March 2024. The company is progressing its Maromba development plan in Brazil and the gas-to-power project in Namibia.

BW Energy continues to prioritize safety and reducing its carbon footprint while focusing on long-term value creation through its phased development strategy. Despite global economic challenges, energy prices remain high, supporting the company’s cash flows and earnings.



Read more at GlobeNewswire:: Fourth Quarter and Full Year Results 2023