BW Energy provided an alternative development plan for Hibiscus-Ruche, in the Dussafu Marin permit and associated Ruche Exclusive Exploitation Area (EEA), offshore Gabon. The company will utilize a converted jack up instead of constructing and installing a new wellhead platform (OGJ Online, Nov. 1, 2019). The conversion concept is expected to reduce development capex, time to first oil, and enable a substantial reduction to field development related climate gas emissions by reusing existing infrastructure.
The alternative plan could lower estimated breakeven oil price for phases one and two developments to about $25/bbl Brent, the company said. Production for the two phases combined is expected to peak in 2024 at about 30,000 b/d. A final decision to restart Hibiscus-Ruche is subject to lifting of COVID-19 restrictions to allow efficient project execution, currently expected towards fourth-quarter 2020.
The Ruche EEA covers 850 sq km with water depths from 70 m in the northeast corner to 650 m in the southwest corner. Six oil discoveries have been made on the license to date: Tortue, Hibiscus, Ruche, Ruche North East, Moubenga, and Walt Whitman. The crude is sweet with an API gravity of 28-30°.
BW Energy Gabon is operator with 73.5%. Partners are Tullow Oil, 10%; Panoro, 7.5%; and Gabon Oil Co., 9%.
