BW Power Ltd has began manufacturing on the DHBSM-1H properly within the Hibiscus South area on the Dussafu Licence offshore Gabon, 5 months after the preliminary discovery was made in November 2023.
Manufacturing efficiency from the properly has been consistent with BW Power’s expectations and is at the moment stabilized at roughly 5,000-6,000 barrels of oil per day, the corporate mentioned in a current information launch.
The DHBSM-1H properly is anticipated to recuperate 6.6 million barrels from roughly 22 million barrels of oil in place, based mostly on third-party 2P estimates, BW Power added.
The DHBSM-1H properly was drilled as a horizontal properly from the BW MaBoMo manufacturing facility to a complete depth of 19,553.8 toes (5,960 meters) into the Gamba sandstone reservoir. The properly is situated roughly 3.1 miles (5 kilometers) southwest of the MaBoMo in a separate accumulation with a deeper oil-water contact than the close by Hibiscus Subject. Following completion, the Borr Norve jackup began drilling operations on the Ruche sidetrack properly, DRM-3H ST1, in line with the discharge.
“We’re more than happy with the protected and environment friendly execution of Hibiscus South fast-track improvement inside a number of months after making the preliminary discovery”, BW Power CEO Carl Arnet mentioned. “This represents a cloth, low-cost and low-risk growth of the Dussafu manufacturing and reserve base, demonstrating how our phased improvement technique offers the flexibleness to quickly unlock vital worth”.
In November 2023, BW Power mentioned the analysis of logging knowledge, pattern examination, and formation strain measurements confirmed roughly 65.6 toes (20 meters) of pay in an general hydrocarbon column of 86.9 toes (26.5 meters) within the Gamba formation.
BW Power’s property are 73.5 % of the manufacturing Dussafu Marine license offshore Gabon, one hundred pc curiosity within the Golfinho and Camarupim fields, a 76.5 % curiosity within the BM-ES-23 block, a 95 % curiosity within the Maromba area in Brazil and a 95 % curiosity within the Kudu area in Namibia, all operated by the corporate. Its whole internet 2P+2C reserves and assets have been 546 million barrels of oil equal initially of 2023, together with the Golfinho Clusters.
Final week, BW Power reported an 80 % year-over-year increase in its 2023 internet revenue. The corporate reported a internet revenue of $81 million, versus $45 million within the earlier 12 months.
EBITDA for the 12 months, in line with an earlier assertion, was $241 million, leaping from $154.2 million for 2022. Full-year 2023 manufacturing was roughly 7.6 million barrels of oil, up 97 % from 2022.
BW Power mentioned the main focus for the quick time period is finishing the Hibiscus/Ruche improvement and resolving ESP challenges to carry manufacturing up in the direction of the floating manufacturing, storage and offloading (FPSO) capability, and optimizing manufacturing at Golfinho in Brazil whereas getting ready for the drilling of two new manufacturing wells in 2027, which ought to additional assist vital constructive money circulation at present oil value ranges.
BW Power is an affiliate of the BW Group, a world maritime power transportation and floating fuel infrastructure firm with an 80-year historical past. It describes itself as an exploration and manufacturing (E&P) firm concerned within the acquisition, improvement and manufacturing of oil and pure fuel fields, holding majority pursuits in three hydrocarbon licenses in Gabon, Brazil, and Namibia. The corporate concentrates on confirmed hydrocarbon fields with vital upside potential to leverage in-house technical, operational and basin experience with repurposed infrastructure.
To contact the writer, electronic mail rocky.teodoro@rigzone.com