BW Energy release third quarter 2021 results
EBITDA for the third quarter of 2021 was USD 8.3 million, down from USD 46.9 million in the second quarter 2021, due to no liftings to the Company in the quarter (as planned) compared to two liftings in the second quarter. Two liftings to BW Energy are scheduled in the fourth quarter.
HIGHLIGHTS
Q3 EBITDA of USD 8.3 million and net loss of USD 10.3 million
No liftings to the Company in the quarter with revenue reflecting approximately 195,000 barrels of quarterly DMO deliveries
Q3 gross production of 0.8 million barrels
Maintained a strong balance sheet with no debt and cash position of USD 170.6 million
Successful completion of Tortue Phase 2 at USD 45 million below budget with the hook-up of production wells DTM-6H and DTM-7H in October
Two liftings to the Company scheduled in the fourth quarter
Hibiscus/Ruche development activities on track
Provisional award of operatorship of two blocks in Gabon’s 12th Offshore Licensing Round
Acquired semi-submersible rig for repurposing to unlock Kudu development in Namibia
BW Energy is progressing on a significantly revised development plan for the Kudu gas field offshore Namibia. The new plan for the gas to power project is based on repurposing the recently acquired semisubmersible drilling rig, “Leo”, as a Floating Production Unit. The rig was acquired for USD 14 million. Repurposing will enable optimisation of the project timeline and significantly reduce capital investments compared to previous development concepts. Re-using existing energy infrastructure will also reduce the project’s environmental footprint. The timing of the final project sanctioning is subject to realising a project financing solution for the Kudu gas to power project.
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