Namibia has moved to the centre of BW Energy’s near-term strategy, with the company preparing a data room for its offshore licence after appraisal drilling confirmed the presence of liquid hydrocarbons, marking the next phase of evaluation and potential partner engagement.
In its fourth-quarter and full-year 2025 results, BW Energy said the Kharas-1A appraisal well, completed in November 2025, confirmed a working petroleum system with condensate and/or light oil offshore Namibia.
Further technical analysis is underway to assess reservoir properties, the extent of the system and appraisal options, while preparations for a data room are progressing as the company considers strategic pathways for the licence.
The Namibia update comes as BW Energy reported a solid financial and operational year.
Full-year 2025 production reached 10.9 million barrels, equivalent to 29.9 thousand barrels per day, while EBITDA totalled US$414.2 million and net income reached US$133.1 million.
At the end of December, the company held US$150.5 million in cash and total available liquidity of US$365.5 million, providing funding capacity to support appraisal and development activity, including in Namibia.
During the fourth quarter, BW Energy generated US$63.5 million in operating cash flow, with capital spending partly directed toward appraisal work in Namibia alongside development projects in Brazil and Gabon. Net operating costs for the full year averaged US$20 per barrel, remaining within guidance.
Although the Namibian licence remains at the appraisal stage, confirmation of hydrocarbons places it among the offshore blocks demonstrating viable petroleum systems in Namibia’s emerging oil and gas province.
Outcomes from the ongoing analysis are expected to guide decisions on further appraisal drilling, possible farm-down structures and longer-term development options.
Looking ahead to 2026, BW Energy has guided production of 25–30 thousand barrels per day, capital expenditure of US$500–600 million, and operating costs of US$20–24 per barrel, as it balances cash generation from producing assets with selective growth and determines the route forward for its Namibian offshore position.
