BW Energy’s Namibia play
BW Energy is strengthening its position in Namibia as the independent oil and gas company expands production elsewhere and advances appraisal work on its Namibian assets.
The company, which has oil and gas interests in Brazil, Gabon and Namibia, reported a strong first half of 2026, recording $251.9 million in EBITDA and $221.6 million in operating cash flow. It is targeting net production of more than 100,000 barrels a day by 2028 as new developments come on stream.
Its Namibian portfolio remains part of that longer-term growth strategy.
BW Energy holds a 20% working interest in petroleum exploration licence 73 (PEL 73) onshore Namibia, where operator Reconnaissance Energy Africa has begun an appraisal programme following a promising exploration well drilled in late 2025.
BW Energy also increased its exposure to the project in January by investing $1.6 million in ReconAfrica, giving it about 7% of the company's outstanding shares, according to its first-quarter report. BW Energy
The company is also assessing its offshore Kudu interests. Following the Kharas-1A appraisal well in late 2025, which confirmed a working petroleum system containing condensate and/or light oil, BW Energy said it was analysing the well data to determine the extent of the system, reservoir characteristics and further appraisal options. BW Energy
Against that Namibian backdrop, BW Energy's latest financial results show a company with increasing capacity to fund development.
Second-quarter net production was 25,300 barrels a day, while sales rose to 3.2 million barrels. The company reported a record quarterly operating cash flow of $260.1 million and ended June with $254 million in cash and $544 million in available liquidity. BW Energy
It also sanctioned the Bourdon development in Gabon and Golfinho infill wells in Brazil during the quarter, adding an estimated 68 million barrels of oil equivalent to its 2P reserves in execution.
Chief executive Carl Arnet said the company's development projects were progressing as planned and that the MaBoMo Phase 2 drilling campaign had started in early July.
"Our development projects, which are set to materially increase production from proven reserves, are progressing according to plan," Arnet said.
That gives BW Energy a particularly interesting position as Namibia's petroleum industry moves towards the next stage. The company is maintaining 2026 capital expenditure guidance of $600 million to $650 million and expects its production to rise substantially as its development projects come on stream.
