BW Energy has just announced an increase in production on the Turtle field to 11,485 bpd in the first quarter of 2020, against 10,735 bpd in the 4th quarter of 2019. At the same time, the American operator realized a Profit before interest, taxes, depreciation and amortization (Baiida) of $ 14.8 million, compared to $ 57.3 million in the 4th quarter 2019.
Mixed! This is how we could describe the 1st quarter of 2020 as BW Energy. The oil company announced, on May 20, Profit before interest, taxes, depreciation and amortization (Baiida) of $ 14.8 million, compared to $ 57.3 million in the 4th quarter 2019.
This decrease reflects a lifting on the Turtle field (on the Dussafu Marin permit) with 0.4 million barrels net to BW Energy compared to two lifting and 1.3 million barrels net in the previous quarter; as well as an oil price realized at 33 dollars against 65 dollars in the 4th quarter 2019.
Conversely, gross production on the Turtle field increased to reach an average of 11,485 bpd in the 1st quarter, against 10,735 bpd in the 4th quarter of 2019. Figures which could have been better, if BW Energy had not revised its ambitions declining at the start of the year.
Indeed, the operator’s total investment program for 2020 has been reduced from $ 250 million to $ 115 million, of which $ 49 million was spent in the first quarter. Consequently, the production projection on the Dussafu permit for 2020 has been lowered to 15,000 -16,500 bpd (gross) on the basis of four production wells, compared to an average of 11,800 bpd reached in 2019. BW Energy operates on the Dussafu Marin permit with a 73.5% stake while the other partners include Tullow Oil (10%), Gabon Oil Company (9%) and Panoro Energy (7.5%).
