BW Energy Boasts Substantial Production Levels During COVID-19

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In the midst of the COVID-19 crisis, oil and gas company BW Energy has announced that daily operations at the Dussafu Marin Permit in Gabon continue to operate as expected, with four wells (DTM-2H, DTM-3H, DTM-4H and DTM-5H) producing crude towards the floating production, storage and offloading unit BW Adolo at a current rate of around 17,500 barrels per day.

In the Tortue field, which is located on the Dussafu Marin permit, gross production averaged 11,485 barrels day in the first quarter of 2020 and total gross production was 1,045 million barrels of oil. BW Energy’s share of gross production was 768,150 barrels of oil.

BW Offshore’s ownership in the Dussafu Marine Permit is through BW Energy, a joint venture company owned 66,67% by BW Offshore and 33,33% by BW Group.

BW Energy currently holds an 81,67% working interest in the Dussafu Marine Permit, while Panoro Energy holds 8,33% and Gabon Oil Company holds 10% working interest.

BW Energy is counting on sizable prospects for Dussafu Marin this year. Total gross production on this permit should be between 15,000 to 16,500 barrels per day from the four wells, up from 11,800 barrels per day on average in 2019. The oil company has discarded the DTM-6H well, which would have been connected to BW Adolo in June this year.

“Due to the coronavirus situation, it is now uncertain when this well can be connected to the FPSO BW Adolo,” BW Energy says. As restrictions on international travel limit the movement of personnel, subcontractors and essential equipment to and from Gabon, the oil company has also suspended drilling of the DTM-7H well.

Boasting 2.5 billion barrels in proven oil reserves, Gabon is one of the more established hydrocarbon producers in the Gulf of Guinea and is currently on a mission to increase its oil production 50% by 2020/2021. It currently has an ongoing licensing round and promulgated a new oil and gas code in 2019, aiming to attract foreign investment with more favorable tax measures.

With a revitalized economy and restored interest from global investors in the oil and gas sector, Gabon is set on a buoyant path for growth, despite uncertainty around the outcome of the COVID-19 pandemic.