BW Energy targets 90 kbopd production by end-2028, outlines growth strategy

BW Energy outlined its operational capabilities and growth strategy at the Pareto Securities' Energy Conference 2025. The company targets an increase in net production from 34 kbopd in H1 2025 to approximately 90 kbopd by end-2028, driven by projects like Maromba and Mabomo Phase 2. This growth is supported by over 600 million barrels of oil equivalent in reserves and resources, coupled with a capital-efficient development model aiming for over 30% IRR at $60 Brent.

The company boasts strong financial performance with an NIBD/EBITDA ratio of 0.8x and a secured financial structure, including $365 million in FPSO project financing, a short-term lease for rig acquisition, and a $250 million corporate RCF. BW Energy’s strategy focuses on replicating its successful Dussafu development blueprint, applying it to new projects like Maromba, which aims for 60 kbopd plateau production by end-2027 with breakeven at ~$40/bbl.

Ongoing infrastructure-led appraisal at Dussafu, including the Bourdon discovery adding 25 mmbbls, and the Mabomo Phase 2 project expected to deliver 26 mmbbls, demonstrate continuous resource development. Additionally, BW Energy is appraising Kudu’s potential offshore Namibia, with a Kharas-1 spud planned for H2 2025, further diversifying its portfolio across high-potential basins.