BW Energy: release Annual report 2025

27 Feb BW Energy: release Annual report 2025

(Oilandgaspress) – BW Energy today published its annual report for the financial year ended 31 December 2025. BW Energy also published the Board-approved report on payments to governments and the annual statement of reserves for 2025.

The year 2025 was pivotal for BW Energy. The sanctioning of the Maromba development laid the foundation for tripling production by 2028, setting the stage for material value creation. Our progress did not go unnoticed, with BW Energy shares close to doubling in the period and outperforming most peers. In a year of declining oil prices, this is a clear validation of our strategy and business model.
The oil market was buffeted by persistent demand uncertainty and on- and off- energy security concerns, a growing shadow fleet, questions on where the reserves are, and increasing OPEC production.

All in all the oil price has come down, but not as severely as was predicted by many. Still, it confirms our view of a slightly oversupplied market more focused on economics than security – a trend likely to
continue in 2026. Perfectly positioned.

Looking further ahead, it is increasingly clear that oil and gas remain as important as ever, as the cornerstone of reliable and affordable energy supply as well as feedstock for a multitude of man-made materials needed in our daily life. More hydrocarbons for longer is also the conclusion in most recent global energy transition scenarios. Expected growth in renewable energy generation, which is inherently unstable, is not sufficient to meet demand growth fuelled by more people, urbanisation, and AI-led digitalisation. The world needs oil and gas for the long run! Against this backdrop, BW Energy is perfectly positioned. A cold-eye review of our industry’s constant decline rates makes it obvious that more investments are needed to ensure supply in coming decades. BW Energy is doing its part.

Stronger and better
Carl K. Arnet, CEO of BW Energy, Commented: I am very pleased to see how we continue to strengthen as a company, executing on our strategy and driving efficiencies. This is supported by a growing Lisbon office, a new project office in Singapore, and a strengthened management team.

In Gabon, we maintained good uptime, stable production, and have successfully reduced costs per barrel. Yet again, we confirmed the world-class potential of the Dussafu licence with the Bourdon discovery, adding an estimated 25 mmboe of recoverable reserves.Also, MaBoMo phase 2 is under way with four new production wells and first oil planned in late 2026. We will appraise new targets during the campaign and are confident this will further expand our resource base.

Since 2017, 11 of 12 Dussafu appraisal and pilot wells have been successful, increasing gross reserves seven-fold.

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