BW Energy has suspended its 2026 capital expenditure guidance, previously estimated between $600 and $650 million, due to the sinking of the Prospector 5 rig off the coast of Gabon on October 24. The rig, owned by Borr Drilling, sank while preparing for the Phase 2 drilling campaign of the MaBoMo project. BW Energy stated that it is working with Gabonese authorities, Borr, and other neighboring operators in search and rescue efforts.
Production Halt and Drilling Rescheduling
As a precautionary measure, production from the MaBoMo facilities was halted before the rig entered the safety zone. The company reported that no damage was done to the facilities or related equipment, and production has resumed as of October 28. Work on the well that was previously scheduled with this rig will now be conducted using a hydraulic workover unit that BW Energy is planning to mobilize in the coming months.
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Impact on Production and Future Plans
It is still too early to determine when Phase 2 drilling will resume. Prior to this incident, BW Energy had begun searching for a new rig for the Bourdon drilling program and will now assess how it can add the remaining Phase 2 MaBoMo wells to the broader Dussafu program. During the drilling campaign, oil was found in two appraisal wells, leading to an increase of 8 to 9 million barrels of recoverable volume and supporting two production wells. Each new well, including one of the appraisal wells, is expected to initially produce around 5,000 barrels per day, and this campaign is designed to achieve a maximum of 20,000 barrels per day from five new producers.
Dussafu's net production decreased to 16,800 barrels per day in the third quarter, primarily due to the shutdown of a well with an electric submersible pump issue. The group's net production reached 21,500 barrels per day, and 2026 forecasts have now been reduced to about 23,000 barrels per day. In the Golfinho project off the coast of Brazil, availability has dropped to 58 percent due to a shortage of gas compressor availability and pump failure in one of the wells.
Other projects are progressing as planned and on budget. The conversion of a rig to a wellhead platform for Bourdon in Dubai is underway, supported by $208 million in financing. In Brazil, the rig is being converted into a combined wellhead and drilling platform for Maromba and is expected to pass through the Strait of Hormuz later this year.
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