BW Energy Completes Tortue Phase II $45 Million Under Budget
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BW Energy has completed the Tortue Phase II project at the Dussafu asset in Gabon, finishing approximately $45 million under budget with a final cost of $230 million. The two final wells are performing as expected. For Q3 2021, the company reported an EBITDA of $8.3 million and a net loss of $10.3 million due to no oil liftings. Production constraints are anticipated until additional compression is installed in Q4 2022. The Hibiscus/Rouge development is on track for late Q4 2022, and progress is being made on the Maromba project in Brazil and a revised Kudu gas-to-power concept in Namibia.
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