Petroleum Africa
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Monday, November 2, 2020
Gross production from Tortue averaged 15,449 barrels per day in the third quarter of 2020, amounting to a total gross production of 1,421,329 barrels of oil, according to BW Energy. The company completed one lifting in the quarter, realizing an average price of approximately USD 46 per barrel. Production cost (excluding royalties) was $19.6 per barrel. This includes approximately $2 million of additional costs related to the COVID-19 pandemic in the quarter.
BW Energy’s share of gross production was 1,044,676 barrels of oil. Net sold volume, which is the basis for revenue recognition in the financial statement, was 548,441 barrels, reflecting an under-lift position of 299,110 barrels at the end of the third quarter.
The company generated a positive cash flow with a cash balance of $145 million at 30 September 2020, compared to $128 million at June 30.
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