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BW Energy Output Declines YoY, Sales Rise

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Exploration and production company BW Energy reported that its net production from the Dussafu field in Gabon and the Golfinho field in Brazil totaled 2.3 million barrels in Q2, maintaining Q1 output but falling from the previous year's 2.9 mmbbls.

Production from the Golfinho field steadied at 500,000 barrels, while that from the Dussafu field declined year over year to 1.8 mmbbls from 2.4 mmbbls.

The company also reported that net volumes sold during the quarter stood at 3.2 mmbbls, up from Q1's 2.2 mmbbls and from last year's 2.8 mmbbls, attributed to higher sales from the Golfinho field.

As of the end of the quarter, inventories were at 200,000 barrels, down from Q1's 1 mmbbls and the prior year's 500,000 barrels. Dussafu stocks were depleted during the period, data showed.

BW Energy recorded a surge in average realized prices to $103.5 per barrel from $66.7/bbl a year earlier, while production costs increased to $24.0/bbl from $20.4/bbl.

The company's financial results are set to be released on July 30.

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