Brice Morlot Succeeds Knut Sæthre as CFO of BW Energy

BW Energy Limited has named Brice Morlot as its new Chief Financial Officer, effective June 30. Morlot succeeds Knut Sæthre, who has served as CFO since 2019, significantly contributing to the company’s financial management and strategic direction.

BW Energy CEO Carl Arnet expressed enthusiasm for Morlot’s appointment, emphasizing the company’s commitment to growth and value creation with its assets in Gabon, Brazil, and Namibia. Arnet acknowledged Sæthre’s exemplary financial acumen and leadership, which have been pivotal in positioning BW Energy for sustained success. Sæthre voiced confidence in Morlot’s ability to excel in his new role, highlighting his extensive business knowledge.

Morlot brings a wealth of experience to his new role, combining strong financial expertise with an operational background in the exploration and production (E&P) sector. He previously held the position of Managing Director at Assala Energy in Gabon and has held leadership roles at Assala, SCOR, and Perenco. Morlot will be based in BW Energy’s Lisbon office.

In its recent earnings report, BW Energy announced an EBITDA of $109.7 million for the first quarter, down from $133.4 million in the previous quarter, primarily due to lower oil sales. Net production from operated assets averaged approximately 27,300 barrels of oil per day, slightly increasing from the previous quarter. This production includes output from the Tortue, Hibiscus, and Hibiscus South fields in the Dussafu license, as well as the Golfinho field.

Arnet noted the progress in the Hibiscus/Ruche drilling program, which aims to increase production and reserves through cost-effective development activities and efficient ESP replacements. He also mentioned the Golfinho field in Brazil, which is performing as expected, and highlighted the potential of the Orange Basin and Kudu asset in Namibia, reaffirmed by a significant new oil discovery.

BW Energy operates the Dussafu Marin license in Gabon and the Golfinho cluster offshore Brazil. For 2024, BW Energy projects the total production net to the company from Gabon and Brazil to be between 10 million and 12 million barrels, based on the current Hibiscus/Ruche development plan and ESP work-over schedule.

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