BW Energy delivered strong operational performance in the first half of 2025, driven by high production uptime, competitive cost levels, and a solid safety record with zero lost time incidents. The Company’s project portfolio continues to advance, with final investment decisions taken on both the Maromba development and the Golfinho Boost project. In addition, a substantial oil discovery was made at the Bourdon prospect in the Dussafu area, further expanding BW Energy’s resource base. Backed by strong cash generation and a resilient financial structure, BW Energy is well placed to drive growth and create long-term shareholder value. 

Strong operational performance 

• H1 2025 net production of 6.2 (4.6) million barrels, equal to 34.2 (25.4) kbopd   
• Operating cost1 of USD 18.3 (26.2) per barrel and zero lost time incidents  
• Assumed operatorship of the BW Adolo FPSO  

Successfully developing and increasing the resource base 

• Final investment decision made on Maromba and Golfinho Boost projects  
• Substantial oil discovery of 25 mmbbls in the Bourdon prospect  

Robust financial results 

• H1 2025 EBITDA of USD 281.1 (185.8) million and net profit of USD 109.7 (61.9) million  
• Q2 2025 EBITDA of USD 99.0 million and net profit of USD 26.7 million  
• Operating cash flow of USD 162.0 (85.1) million   
• Cash position of USD 192.9 (244.2) million at 30 June  
• New and upsized RBL facility up to USD 500 million

2025 guidance unchanged 

• Production: 11-12 mmbbls (30-32 kbopd)  
• Operating cost1: USD 18-22 per barrel  
• CAPEX: USD 650-700 million  
• G&A: USD 19-22 million  

(Numbers in parenthesis refer to H1 2024) 

1) Operating costs exclude royalties, tariffs, workovers, crude oil purchases for domestic market obligations, production sharing costs in Gabon, and incorporates the impact of IFRS 16 adjustments 
 
Comment from the CEO of BW Energy, Carl Arnet:  
“BW Energy delivered a strong first half of 2025, with production above the upper end of our guidance range and operating costs at significantly more competitive levels than in 2024. This reflects continued focus on safe, efficient operations and disciplined cost management across the portfolio.

During the period, we moved key development projects into execution, marking an important step forward in our growth strategy. The Maromba development in Brazil is now underway and will be transformative for BW Energy, increasing production to more than 90,000 barrels per day in 2028. 

Furthermore, we strengthened our portfolio, confirming new resources at the Bourdon prospect in the Dussafu licence. These are highly profitable barrels that highlight our strategy of leveraging existing infrastructure and pursuing fast-track developments to accelerate value creation. 

Our financial foundation remains robust, with low leverage and strong underlying cash generation. This gives us the resilience to navigate market volatility while continuing to deliver growth and long-term value for our shareholders.” 

KeyFacts Energy: BW Offshore Brazil country profile   l  BW Energy Namibia country profile