BW Energy: Q3 2026 operational update
BW Energy today provides preliminary operational figures for the third quarter of 2026. Financial results will be published on 29 October 2026.
Net production attributable to BW Energy was 2.0 million barrels of oil (mmbbls) in the third quarter of 2026, equivalent to 21.5 thousand barrels of oil per day (kbopd), from the Dussafu licence in Gabon (73.5% working interest) and the Golfinho field in Brazil (100% working interest). Net sales were 1.1 mmbbls, with few liftings on Dussafu and none from Golfinho in the quarter. As a result, inventory increased to 1.0 mmbbls at quarter-end, and these volumes will be sold in the coming quarters.
Dussafu production was affected by the electrical submersible pump (ESP) issue as communicated with the second quarter results. The well was subsequently confirmed to require a workover and has been shut in most of the quarter. To carry out the workover efficiently, the planned two-week seasonal maintenance at Dussafu was rescheduled to October and is ongoing. Golfinho production was impacted by reduced gas lift compressor (GLC) availability for parts of the third quarter and a pump failure in one well. Replacement of the pump is expected later in the year.
As a result of the wells shut-in on Dussafu and Golfinho, full year 2026 production is expected at approximately 23 kbopd, compared with the lower end of 24-27 kbopd as indicated with the second quarter results.
+----------------------------------------------+----------+----------+----------+ | | | | | | | | | | +----------------------------------------------+----------+----------+----------+ | | Q3 2026 | Q2 2026 | Q3 2025 | +----------------------------------------------+----------+----------+----------+ | Net production (mmbbls) | 2.0 | 2.3 | 2.4 | +----------------------------------------------+----------+----------+----------+ | Dussafu | 1.5 | 1.8 | 1.8 | +----------------------------------------------+----------+----------+----------+ | Golfinho | 0.4 | 0.5 | 0.6 | +----------------------------------------------+----------+----------+----------+ | | | | | | | | | | +----------------------------------------------+----------+----------+----------+ | Net production (kbopd) | 21.5 | 25.3 | 26.3 | +----------------------------------------------+----------+----------+----------+ | Dussafu | 16.8 | 19.3 | 20.0 | +----------------------------------------------+----------+----------+----------+ | Golfinho | 4.7 | 6.0 | 6.3 | +----------------------------------------------+----------+----------+----------+ | | | | | | | | | | +----------------------------------------------+----------+----------+----------+ | Net volume sold (mmbbls) | 1.1 | 3.2 | 2.9 | +----------------------------------------------+----------+----------+----------+ | Dussafu | 1.1 | 2.3 | 2.5 | +----------------------------------------------+----------+----------+----------+ | including Domestic market obligations (DMO) | - | 0.1 | 0.3 | +----------------------------------------------+----------+----------+----------+ | including State profit oil | 0.2 | 0.2 | 0.2 | +----------------------------------------------+----------+----------+----------+ | Golfinho | - | 0.9 | 0.5 | +----------------------------------------------+----------+----------+----------+ | End of quarter stock inventory (mmbbls) | 1.0 | 0.2 | 0.3 | +----------------------------------------------+----------+----------+----------+ | Dussafu | 0.4 | 0.0 | (0.5) | +----------------------------------------------+----------+----------+----------+ | Golfinho | 0.6 | 0.2 | 0.8 | +----------------------------------------------+----------+----------+----------+ | | | | | | | | | | +----------------------------------------------+----------+----------+----------+ | Average realised price (USD/bbl) | 83.2 | 103.5 | 68.5 | +----------------------------------------------+----------+----------+----------+ | Dussafu | 83.2 | 101.2 | 67.7 | +----------------------------------------------+----------+----------+----------+ | Golfinho | - | 109.0 | 72.6 | +----------------------------------------------+----------+----------+----------+ | | | | | | | | | | +----------------------------------------------+----------+----------+----------+ | Production costs1 in (USD/bbl) | 27.7 | 24.0 | 22.7 | +----------------------------------------------+----------+----------+----------+ | Dussafu | 19.2 | 15.6 | 15.7 | +----------------------------------------------+----------+----------+----------+ | Golfinho | 58.1 | 51.1 | 44.8 | +----------------------------------------------+----------+----------+----------+
1) Production costs exclude royalties, tariffs, workovers, crude oil purchases for domestic market obligations, production sharing costs in Gabon, any non-recurring special items, and incorporates the impact of IFRS 16 adjustments.
Reporting
BW Energy will publish its financial results for the third quarter of 2026 on 29 October at 07:00 CEST. Management will host a webcast presentation later the same day at 14:00 CEST, followed by a live Q&A session.
For further information, please contact:
Martin Seland Simensen, VP Investor Relations ir@bwenergy.no
About BW Energy:
BW Energy is a fast-growing independent oil and gas company creating value through low-risk, phased developments of proven offshore reservoirs, leveraging existing infrastructure and capital-efficient execution. The company owns and operates production, development and exploration assets in Gabon, Brazil and Namibia. Total net 2P reserves exceed 240 million barrels of oil equivalent, with a further 390 million barrels classified as 2C resources, providing a strong foundation to organically increase production from around 30 kbopd in 2025 to over 100 kbopd in 2028.
This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.