Proved and probable oil reserves in BW Energy operated Dussafu Permit has increased by 89%, compared to those reported at year-end 2018.
A mid-year update of the reserves report from Netherland, Sewell & Associates Inc. (NSAI) the independent reserves auditor on certain fields located within Dussafu Production Sharing Contract (offshore Gabon, indicates that the 2P gross reserves have increased by 31.2 MMbbls, in the eight months since the last audited report by the same company.
“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”, according to John Hamilton, Chief Executive Officer of Panoro, a minority partner (with 8%) in the asset.
Companies like NSAI are commissioned to generate Competent Person’s Reports (CPR), which are independent technical reports on the oil and gas assets (or mineral assets) of a company.
NSAI has revised estimates for Tortue reserves based on production to date and provided new estimates for reserves at the Ruche and Ruche NE fields. NSAI has calculated the following estimates for the total gross economically recoverable oil reserves as at June 30, 2019, derived from the assumed production from six oil wells at the Tortue field and six oil wells at the Ruche and Ruche NE fields:
- Proved (1P) reserves of 43.5 MMbbls
- Proved + Probable (2P) reserves of 66.3 MMbbls
- Proved + Probable + Possible (3P) reserves of 86.4 MMbbls
The increase in reserves is firstly due to an increase in the 2P gross remaining reserves at Tortue by 5.8Million barrels, approximately 16% higher compared to year end 2018 and secondly the addition of new 2P gross reserves at Ruche and Ruche NE amounting to 25.4Million barrels.
BW Energy holds a 81.67% working interest in the Dussafu Marin Permit, while Panoro Energy holds 8.33% and Gabon Oil Company holds 10% working interest.