Independent report confirms increased reserves at BW’s Dussafu permit

BW Offshore has confirmed increased reserves at its Dussafu Production Sharing Contract (PSC) offshore Gabon while volumes at the Maromba field located off Brazil are in line with management estimates. 

According to its statement on Thursday, 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, are: Proved (1P) reserves of 43.5 million bbls; Proved + Probable (2P) reserves of 66.3 million bbls; and, Proved + Probable + Possible (3P) reserves of 86.4 million bbls.

Marco Beenen, CEO of BW Offshore, said: “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.”

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

Panoro Energy, BW’s partner in Gabon, said in a separate statement on Thursday that the 2P gross reserves at Dussafu PSC have increased by 31.2 MMbbls, or 89%, compared to those reported at year-end 2018.

John Hamilton, Chief Executive Officer of Panoro, said “This mid-year reserves report from NSAI shows a 89% growth of our net 2P reserves at Dussafu and confirms the value of our Gabonese asset. We are very encouraged by the continued upward revision of reserve estimates and will continue to progress the development potential at Dussafu.”

Maromba field 

The Brazilian oil and gas regulator ANP earlier in August granted BW Offshore the oil and gas operator status in Brazil. ANP also approved the transfer of Chevron and Petrobras’ participating interest in the Maromba field to BW Offshore.

BW said that, in the Maromba block, NSAI assessed gross contingent resources (development pending) are: Contingent Resources (1C) at 54.9 million bbls; Contingent Resources (2C) at 106.0 million bbls; and, 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.

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