
BW Energy said it has received approval for the extension of the Golfinho license from Brazilian oil and gas regulator ANP.
The production phase under the Golfinho concession contract has been extended to 2042 from 2031, following ANP’s approval of the company’s field development plan in November 2024, BW Energy said in a news release.
BW Energy is the operator with 100 percent working interest in the Golfinho license after its August 2023 acquisition of the Golfinho and Camarupim Clusters. The assets are located in the Espírito Santo Basin with water depths between 4,265 and 7,218 feet (1,300 and 2,200 meters), according to the release. The field has been producing since 2007.
The company said hydrocarbons are produced via the floating production, storage, and offloading unit (FPSO) Cidade de Vitória, which BW Energy acquired and has operated since November 2023.
“The extension supports our long-term plans for developing the Golfinho field, initially through improved operational performance of existing infrastructure and later targeting several proven low risk in-field development opportunities. We see a significant potential for long-term value creation at Golfinho,” BW Energy CEO Carl Arnet said.
Gabon Discovery
Meanwhile, the company announced a “substantial oil discovery with good reservoir quality” at the Bourdon prospect in the Dussafu Licence offshore Gabon.
Evaluation of logging data and formation pressure measurements confirmed approximately 112 feet (34 meters) of pay in an overall hydrocarbon column of 148 feet (45 meters in the Gamba formation, making it the largest hydrocarbon column discovered to date in the Dussafu license, BW Energy said in a separate statement.
The well was drilled by the Norve jack-up rig to a total depth of 13,566 feet (4,135 meters), the company stated, adding that the discovery will enable it to book additional reserves not included in its 2024 statement of reserves.
“The Bourdon appraisal well again confirms the significant resource potential of the Dussafu license, which holds multiple additional prospects,” Arnet said. “We will now carefully review the drilling results, but initial data indicates the potential for establishing a new development cluster with a production facility following the MaBoMo blueprint. We are evaluating a second sidetrack to further appraise the discovery”.
Bourdon is located approximately (9.3 miles) 15 kilometers west of BW Adolo FPSO and 4.7 miles (7.5 kilometers) southeast of the MaBoMo facility.
In its fourth-quarter earnings release, BW Energy reported a record EBITDA of $141.6 million, up from $130 million in the previous quarter on increased oil sales following all-time-high production in Gabon.
The company’s net production was 33,600 barrels per day (bpd), including the Tortue, Hibiscus, and Hibiscus South fields in the Dussafu licence and the Golfinho field.
Full-year 2024 net production was approximately 10.1 million barrels of oil, up 69 percent from 2023, the company said.
“BW Energy delivers strong production growth, increased reserves and a record financial performance in the fourth quarter and full-year 2024 supported by new ESPs, successful appraisal wells and the completion of the Hibiscus / Ruche development,” Arnet said.
“We have a pivotal 2025 ahead, executing on our strategy for growth and long-term value creation. Appraisal of the Bourdon structure in Gabon is ongoing, and we plan to sanction the Maromba development in Brazil in [the] coming weeks. Then, in the second half we will drill the first Kudu appraisal in Namibia, a high impact well which may help unlock secure access to energy in a part of Southern Africa with unstable supply,” he added.
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