A growth-focused oil and gas company

BW Energy is a growth-focused oil and gas company involved in the acquisition, development and production of proven oil and natural gas fields. Since our establishment in 2016, we have successfully implemented a unique, low-cost approach to the development of oil and gas projects which has generated significant value. We have a diversified portfolio of production and development assets offshore West Africa and Brazil, and currently hold majority interests in three hydrocarbon licenses in Dussafu, Gabon, Maromba, Brazil, and Kudu, Namibia.

BW Energy is a Bermuda registered company that anticipates to publicly list on the Oslo stock exchange in 2020. It has technical, financial and operational offices located in Oslo, Singapore, Gabon, Brazil, Namibia and Houston. BW Energy is committed to conducting its business safely and in an environmentally, socially and ethically responsible manner.


Leveraging Deep Experience in Global Offshore Operations

BW Energy has extensive experience in reservoir management, exploration, geosciences, drilling and completions, production and facility engineering, field operations, FPSO operations, government and partner relations. Using our deep E&P expertise in collaboration with our FPSO affiliate, BW Offshore, we develop fit-for-purpose solutions for oil & gas field development. Read more about BW Offshore and BW Group.


Unlocking Value From Proven Hydrocarbon Discoveries

At BW Energy, we employ a differentiated field development model to unlock value from proven hydrocarbon discoveries. Our key principles focus on identifying previously discovered hydrocarbon reservoirs with significant upside potential, collaborate with our FPSO affiliate to develop commercially viable solutions, utilize our field development, engineering and project expertise to fast-track project execution, phased development stages and properly scaled development concepts. Our strategy delivers shorter development cycles, lower costs and significantly reduced capital at risk prior to commercial production.

Our unique strategies and business model has been proven successful by the first oil from the Dussafu license in Gabon, achieved 18 months after acquisition of the field. We are on track to triple our gross production from this license to ~40,000 bopd when we implement all developments.


An Experienced Leadership Team

BW Energy has assembled an experienced E&P organisation, with strong technical and operational capabilities. We are led by CEO Carl K. Arnet, COO Lin G. Espey and CFO Knut R. Sæthre. Carl K. Arnet and Knut R. Sæthre were formerly CEO and CFO respectively of BW Offshore, where they both had tenures of over a decade.

Martin Ackermann
Carl Krogh Arnet
Chief Executive Officer (CEO)

Carl Krogh Arnet is Chief Executive Officer (CEO). Mr Arnet has been employed as CEO since 1 July 2019 (previously held the same position in BW Offshore). He has also been the Managing Director of APL since 1996. Prior to joining APL, Mr Arnet had various positions at Norsk Hydro from 1981 to 1996, including Offshore Installation Manager and Vice President. He holds a M.Sc. from the Norwegian University of Science and Technology (NTNU) and an MBA from the Norwegian School of Management (BI). Mr Arnet holds a number of other board memberships and chairmanships in companies not related to the oil and gas sector. Mr Arnet is a Norwegian citizen.

Martin Ackermann
Knut R. Sæthre
Chief Financial Officer (CFO)

Knut R. Sæthre is Chief Financial Officer (CFO). Mr. Sæthre came from the position as Finance Director of APL Plc and President of APL Norway. Mr. Sæthre has his background within finance and the offshore industry, and has more than 25 years of international experience. He was previously employed by Aker Kværner and ABB, holding several executive positions such as SVP and CFO. He holds a lic.rer.pol. degree from the University of Fribourg, Switzerland and an MBA degree in strategic management from the Norwegian School of Economics and Business Administration (NHH). Mr Sæthre is a Norwegian citizen.

Martin Ackermann
Lin Garner Espey
Chief Operating Officer (COO)

Lin Garner Espey is Chief Operating Officer (COO). Mr. Espey was previously Head of E&P of BW Offshore, a position he held from 1 July 2017 until his appointment at BW Energy. Prior to joining BW Offshore, Mr. Espey was employed at British Gas, BP, Vaalco and Memorial Resource Development from 1991 to 2016. Mr. Espey’s training by background is reservoir and production engineering, field development and economic evaluation. Mr. Espey holds a Bachelor of Science in Petroleum Engineering from The University of Texas at Austin. Mr. Espey is a member of the University of Texas System Chancellor’s Council. Mr Espey is a US citizen.

Martin Ackermann
Thomas Kolanski
Business Development

Thomas Kolanski is Head of Business Development. Prior to BW Energy, Mr. Kolanski was VP of Business Development and GM of BW Offshore USA. He led the team that identified and secured the initial field development opportunities for BW Energy and was instrumental in the development of the BW Energy strategy. Mr. Kolanski has a Bachelor of Science in Mechanical Engineering from the University of Texas and a Juris Doctorate from South Texas College of Law and was admitted to Texas Bar in 2009. He has 15 years of industry experience and has worked for companies such as Technip, Wellstream and SBM. Mr. Kolanski is a US citizen.

Proven Hydrocarbon Discoveries In Dussafu, Maromba And Kudu

Dussafu, performance beyond expectation
Dussafu, performance beyond expectation

The Dussafu Marin Permit and the associated Ruche Exclusive Exploitation Area (EEA) production license are located approximately 50 kilometers off the coast of Gabon. The Ruche EEA covers an area of approximately 850 square kilometers. The water depth within the Ruche EEA ranges from 70 meters in the northeast corner to 650 meters in the southwest corner. Six oil discoveries have been made on the license to date: Tortue, Hibiscus, Ruche, Ruche North East, Moubenga and Walt Whitman. The area comprising the Tortue, Hibiscus, Ruche and Ruche NE fields is centrally located within the Ruche EEA, with a water depth of approximately 116 meters. Oil from Dussafu is a good quality crude that generally trades on an equivalent basis to Brent. The crude is typical of the region and is sweet with an API gravity of 28 to 30 degrees API.

Phase 1 started production on 16 September 2018 and currently has a gross production rate of around 10,700 bopd from two wells at the Tortue Field. Approximately 5.5 mmbbl has been produced as of December 2019. Field uptime since start-up has been 99%, which is industry leading. Phase 2 development at Tortue was sanctioned in late 2018 and is in the execution phase. It will consist of the drilling of four additional subsea production wells at Tortue, three of which will target the Gamba reservoir and one will target the Dentale 6 reservoir. The wells will be tied back to the BW Adolo FPSO. Drilling and completion of these new wells began in 4Q 2019 and will continue through 2Q 2020. The first two wells are expected to start producing late first quarter of 2020. All four wells are forecast to be online by mid-2020, which is expected to result in an increase in overall production from the Tortue Field to above 20,000 bopd gross.

In August 2019, BW Energy discovered the Hibiscus Field. In 2019, the Ruche development was sanctioned. Ruche Phase 1 will consist of 6 development wells targeting the Hibiscus and Ruche Fields. These wells will be drilled from the Ruche Platform and tied back to the FPSO Adolo by a 20 km pipeline. First oil is planned for end-2021. Ruche Phase 2 will consist of up to an additional 7 wells targeting the Hibiscus, Ruche and Ruche NE Fields.

BW Energy sees significant potential for further growth at Dussafu. There are the two undeveloped discoveries of Walt Whitman and Moubenga as well as a large inventory of undrilled prospects and leads that are being evaluated.

Maromba, exciting next steps
Maromba, exciting next steps

The Maromba discovery is located approximately 100 kilometers offshore in the southern part of the Campos Basin. The water depth in the area is approximately 160 meters. Maromba lies within a 375 square kilometer “ring-fence” carved out of the former BC-20 exploration block, called the BC-20A concession. Nine wells were drilled in the license between 1980 and 2006, and oil has been found in eight of these across various reservoirs including in the Eocene, Maastrichtian, Albian, Aptian and Barremian levels.

To the east of Maromba lies the Papa Terra Field operated by Petrobras, which was also carved out of the BC-20 exploration block. It is currently producing 16° API oil from an Upper Cretaceous Maastrichtian interval similar to that found in Maromba. The Peregrino Field operated by Equinor lies to the north and is currently producing 14° API oil from the Maastrichtian sandstone.

Following the successful experience at Dussafu, BW Energy plans to develop the Maromba license in phases, thereby minimizing up-front capital expenditure, accelerating time to first production and allowing the production and the supporting organization to grow organically. Phasing will also provide important reservoir performance data which will be used to optimize future development phases.

Phase 1 will target the Maastrichtian reservoir with a 16° API gravity crude. It will consist of two or three horizontal subsea wells in the Maastrichtian reservoir that will be tied back to an FPSO. Phase 1 is expected to begin production in end-2022, and gross peak production is forecast to reach approximately 30,000 bopd. Phase 2 development is expected to consist of three to four additional horizontal production wells and two water injectors.

Future upside development may entail further infield drilling into the Maastrichtian reservoir and satellite reservoirs that contain known oil in the Eocene and Maastrichtian. In addition, evaluation of the abundant prospective carbonate reservoirs in the Albian, Aptian and Barremian is envisioned.

Kudu, a promising future
Kudu, a promising future

The Kudu gas field (PL3) was discovered in 1974, some 130 km offshore and covers an area approximately 4,500 square kilometers. The field is located at a water depth of 170 meters in the Orange sub-basin. Kudu holds a proven reserve of 1.3 TCF (or 220 Mboe) with a further potential of 3-9 TCF. Several companies including Chevron, Royal Dutch Shell and Tullow held the license and drilled a total of 8 exploration and appraisal wells between 1974 and 2014.

Because of its remote location and historically limited gas demand in the southern Africa region, Kudu has remained undeveloped. However, improved demand for gas and electricity in the region has significantly enhanced the viability of the development of Kudu. BW Energy is evaluating optimal development solutions with its partner.

BW Energy WI
56% (Operator)
License Partners
NAMCOR (44%)