BW Energy has acquired two jack-up rigs and hatched a new plan for the development of the Hibiscus/Ruche field, offshore Gabon.
Improved oil prices buoyed BW Energy’s second quarter results, opening the way for the company to plan additional drilling in Gabon.
Additional drilling at Gabon’s Dussafu Marin licence has been deferred because of coronavirus, BW Energy has said, blaming international travel restrictions.
BW Offshore intends to hold an IPO of its BW Energy unit, which is producing oil in Gabon, in the first quarter of 2020 on the Oslo Stock Exchange.
Tullow Oil has exercised its back-in right for a 10% stake in Gabon’s Dussafu production-sharing contract (PSC), although the amount payable is under dispute.
China’s CNOOC Ltd has signed up to explore two blocks in Gabon, the 11th contract signed since the country brought in its new hydrocarbon code.
BW Offshore plans to double production from the first phase of the Ruche development to 30,000 barrels per day.
BW Offshore’s work on the Hibiscus find suggests it may hold 40-50 million barrels, up from the initial estimate of 12mn barrels.