BW Vitality stated it has obtained approval for the extension of the Golfinho license from Brazilian oil and fuel regulator ANP.
The manufacturing section underneath the Golfinho concession contract has been prolonged to 2042 from 2031, following ANP’s approval of the corporate’s discipline growth plan in November 2024, BW Vitality stated in a information launch.
BW Vitality is the operator with one hundred pc working curiosity within the Golfinho license after its August 2023 acquisition of the Golfinho and Camarupim Clusters. The belongings are positioned within the Espírito Santo Basin with water depths between 4,265 and seven,218 ft (1,300 and a couple of,200 meters), in response to the discharge. The sector has been producing since 2007.
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The corporate stated hydrocarbons are produced through the floating manufacturing, storage, and offloading unit (FPSO) Cidade de Vitória, which BW Vitality acquired and has operated since November 2023.
“The extension helps our long-term plans for creating the Golfinho discipline, initially by improved operational efficiency of present infrastructure and later concentrating on a number of confirmed low threat in-field growth alternatives. We see a major potential for long-term worth creation at Golfinho,” BW Vitality CEO Carl Arnet stated.
Gabon Discovery
In the meantime, the corporate introduced a “substantial oil discovery with good reservoir high quality” on the Bourdon prospect within the Dussafu Licence offshore Gabon.
Analysis of logging knowledge and formation strain measurements confirmed roughly 112 ft (34 meters) of pay in an general hydrocarbon column of 148 ft (45 meters within the Gamba formation, making it the most important hydrocarbon column found to this point within the Dussafu license, BW Vitality stated in a separate assertion.
The effectively was drilled by the Norve jack-up rig to a complete depth of 13,566 ft (4,135 meters), the corporate acknowledged, including that the invention will allow it to e-book extra reserves not included in its 2024 assertion of reserves.
“The Bourdon appraisal effectively once more confirms the numerous useful resource potential of the Dussafu license, which holds a number of extra prospects,” Arnet stated. “We are going to now rigorously assessment the drilling outcomes, however preliminary knowledge signifies the potential for establishing a brand new growth cluster with a manufacturing facility following the MaBoMo blueprint. We’re evaluating a second sidetrack to additional appraise the invention”.
Bourdon is positioned roughly (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 launch, BW Vitality reported a report EBITDA of $141.6 million, up from $130 million within the earlier quarter on elevated oil gross sales following all-time-high manufacturing in Gabon.
The corporate’s internet manufacturing was 33,600 barrels per day (bpd), together with the Tortue, Hibiscus, and Hibiscus South fields within the Dussafu licence and the Golfinho discipline.
Full-year 2024 internet manufacturing was roughly 10.1 million barrels of oil, up 69 p.c from 2023, the corporate stated.
“BW Vitality delivers robust manufacturing development, elevated reserves and a report monetary efficiency within the fourth quarter and full-year 2024 supported by new ESPs, profitable appraisal wells and the completion of the Hibiscus / Ruche growth,” Arnet stated.
“We now have a pivotal 2025 forward, executing on our technique for development and long-term worth creation. Appraisal of the Bourdon construction in Gabon is ongoing, and we plan to sanction the Maromba growth in Brazil in [the] coming weeks. Then, within the second half we are going to drill the primary Kudu appraisal in Namibia, a excessive influence effectively which can assist unlock safe entry to vitality in part of Southern Africa with unstable provide,” he added.
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