BW Offshore revises development plan for Ruche project offshore Gabon

31 October 2019 (Last Updated October 31st, 2019 12:05)

Floating production storage and offloading (FPSO) vessels operator BW Offshore, through its affiliate BW Energy, has revised development plan for Ruche project, including the Hibiscus discovery, located in the Dussafu Marine license offshore Gabon.

BW Offshore revises development plan for Ruche project offshore Gabon
BW Energy proposes new plan for Ruche project Offshore Gabon. Credit: J. Stephen Conn.

Floating production storage and offloading (FPSO) vessels operator BW Offshore, through its affiliate BW Energy, has revised development plan for Ruche project, including the Hibiscus discovery, located in the Dussafu Marine license offshore Gabon.

The revised plan will result in higher production from Ruche phase one development, which is estimated to double from 15,000bpd to 30,000bpd. Changes to the Ruche project follow the recent successful Hibiscus exploration well (DHIBM-1).

The contemplated Ruche platform will be moved approximately 4km to the west of the current position to incorporate the Hibiscus resources. Ruche phase one development will comprise four Hibiscus production wells and two Ruche wells, all from the Gamba formation in South Gabon.

BW Energy CEO Carl Arnet said: “Hibiscus is proving to be a discovery of equal quality and magnitude to the Tortue field.

“The revised development will add significantly to our production capacity and take us above the FPSOs current nameplate of 40,000bpd/day.”

The estimated capex for the revised Ruche phase one has been increased to $445m from the original capex which was estimated at $375m.

BW Energy noted that it has agreed options for additional two exploration wells with the drilling contractor Borr Drilling, extending the current drilling campaign to the third quarter of 2020, provided the options are exercised.

Arnet added: “We are considering using one or two of these options based on our successes to date and the number of prospects we have identified.

“We also expect results from ongoing seismic reprocessing by year-end which combined with information from the ongoing drilling campaign will provide valuable data points.”

The company plans to fund the Ruche phase one development from its existing liquidity and cash-flow from operations.