BW Offshore: NSAI confirms increased Dussafu reserves, initial Maromba volumes in line with management estimates

BW Offshore has received a mid-year reserve report from independent auditor Netherland, Sewell & Associates Inc. (“NSAI”) of the Dussafu Marine Permit, located offshore Gabon and the Maromba field, located offshore Brazil.

In the Dussafu permit, NSAI assessed gross reserves from the Tortue, Ruche and Ruche NE fields, as follows:

  • Proved (1P) reserves of 43.5 million bbls
  • Proved + Probable (2P) reserves of 66.3 million bbls
  • Proved + Probable + Possible (3P) reserves of 86.4 million bbls

“With the new report from NSAI, 2P reserves at Dussafu have tripled since we started the development project and when including production to date. Tortue phase 1 has produced above expectation since first oil in September 2018, and successful drilling has added to the reserves. This proves that our strategy of phased field developments and redeployment of our own FPSOs accelerates time to first oil and unlocks further upside in subsequent phases,” said Marco Beenen, CEO of BW Offshore.

Gross reserve numbers are calculated after considering production on the field to date. NSAI provide an Estimated Ultimate Recovery (“EUR”) of 70 million bbls total reserves including production since September 2018.

In the Maromba block, NSAI assessed gross contingent resources (development pending) as follows:

  • Contingent Resources (1C) at 54.9 million bbls
  • Contingent Resources (2C) at 106.0 million bbls
  • Contingent Resources (3C) at 149.0 million bbls

“We are pleased to see NSAI confirming our own internal estimate for Maromba reserves. We are ready to replicate our success in Gabon in future development phases of both the Dussafu and Maromba licenses," Marco Beenen added.  

For further information, please contact:

Ståle Andreassen, CFO, +65 97 27 86 47

Anders S. Platou, Head of Corporate Finance, +47 99 50 47 40

IR@bwoffshore.com

 

About BW Offshore:

BW Offshore is a leading provider of floating production services to the oil and gas industry. The company also participates in developing proven offshore hydrocarbon reservoirs. BW Offshore is represented in all major oil and gas regions world-wide with a fleet of 15 owned FPSOs. The company has more than 30 years of production track record, having executed 40 FPSO and FSO projects. BW Offshore is listed on the Oslo Stock Exchange. For more information, please visit www.bwoffshore.com

This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act