BW Vitality Restricted has appointed Brice Morlot as Chief Monetary Officer (CFO) efficient June 30.
Morlot succeeds Knut Sæthre, who has been CFO of BW Vitality since 2019, contributing considerably to the corporate’s monetary stewardship and strategic course, the corporate stated in a information launch.
Morlot brings intensive expertise to the corporate, combining a stable monetary understanding with an operational background within the exploration and manufacturing (E&P) enterprise. Most just lately, he served as Managing Director of Assala Vitality in Gabon, and earlier than that, in different management roles in Assala, SCOR, and Perenco.
He will probably be based mostly in BW Vitality’s workplace in Lisbon, Portugal.
“We sit up for Brice becoming a member of the BW Vitality crew as we ship on our technique for development and worth creation with producing fields and extremely enticing growth belongings in Gabon, Brazil and Namibia,” BW CEO Vitality Carl Arnet stated.
Arnet added, “I’ve had the privilege of collaborating with Knut for shut to twenty years throughout a number of companies from APL, through BW Offshore and now most just lately at BW Vitality. His interval as CFO has been marked by exemplary monetary acumen and management. His contributions have been pivotal in positioning BW Vitality for sustained success”.
“I’ve full confidence in Mr. Morlot’s skill to excel in his new function, given his intensive enterprise data,” Sæthre remarked.
First Quarter Outcomes
In the meantime, BW Vitality in its most up-to-date earnings launch reported EBITDA of $109.7 million for the primary quarter, down from $133.4 million within the earlier quarter, primarily attributable to decrease oil gross sales within the quarter.
Internet manufacturing from the operated belongings was roughly 27,300 barrels of oil per day within the quarter, barely up from the earlier quarter. This contains manufacturing from the Tortue, Hibiscus and Hibiscus South fields within the Dussafu licence and the Golfinho.
“BW Vitality continues to progress the Hibiscus / Ruche drilling program, optimizing obtainable rig time to extend manufacturing and reserves by way of low-cost, low-risk growth exercise and environment friendly ESP replacements as soon as tools turns into obtainable,” Arnet stated. “In Brazil, the Golfinho discipline is producing in keeping with expectations as we put together for the deliberate infill drilling marketing campaign, and in Namibia, the potential of the Orange Basin and our Kudu asset is reaffirmed by one other main new oil discovery”.
BW Vitality operates the Dussafu Marin licence in Gabon and the Golfinho cluster offshore Brazil.
The continued Hibiscus/Ruche drilling marketing campaign has the potential to carry complete oil manufacturing on the Dussafu license as much as the floating manufacturing, storage, and offloading unit (FPSO) capability of roughly 40,000 barrels per day gross when all wells are on-stream, the corporate stated.
Complete manufacturing web to BW Vitality from Gabon and Brazil for 2024 is projected to be between 10 million and 12 million barrels, based mostly on the present Hibiscus/Ruche growth plan and ESP work-over schedule. The corporate’s web capital expenditures are anticipated within the vary of $280 million to $330 million. The rise is immediately associated to the profitable exploration actions and added reserves in Dussafu, it stated.
To contact the writer, e mail rocky.teodoro@rigzone.com