Oslo-listed BW Energy has finished drilling and completion operations on the first production well of the Hibiscus/Ruche Phase 1 well, offshore Gabon.

First oil from the well is expected from the well in early April. Responsibility for the well, named DHIBM-3H, has now been handed over to the production team which will initiate the well’s start up.

The well has been drilled to a depth of 3,883 meters from the BW MaBoMo production facility into a Gamba sandstone reservoir in the Hibiscus field, one of Gabon’s most southern oil fields. Operations began on the well in January of this year.

Panoro Energy, which holds a 17.5 per cent working interest in the Dussafu license where the new well is located, described the well as a “key milestone”, as the company seeks to expand drilling in Gabon.

The country’s petroleum exports are valued at $4.64bn, producing 181,000 barrels of crude oil per day. Revenue from petroleum represents around 45% of the country’s gross domestic product.

Gabon and OPEC+

Gabon is among the top five oil producers in Sub-Saharan Africa, and in 2016 re-joined Saudi Arabia-dominated Organisation of Petroleum Exporting Countries and its allies (OPEC+).

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The group recently announced a 1.16 million barrel per day (bpd) production cut in a bid to maintain market stability. Gabon has committed to a 8,000 barrel per day voluntary cut. The announcement has resulted in rising oil prices, as markets expect a supply deficit.

The total cuts now pledged by OPEC+ are predicted by Reuters to total 3.66 million bpd, equating to 3.7% of global demand.

The OPEC+ ministerial panel, including Russia, are due to meet virtually on Monday. The group had previously committed to a cut of 2 million bpd which remains in place until the end of 2023.