BW Energy is presenting at the Pareto Securities' Energy Conference today.
The presentation references the progression of an alternative development plan for Hibiscus/Ruche, offshore Gabon, utilising a converted jack-up instead of constructing and installing a new wellhead platform. 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 re-using already existing energy infrastructure.
The alternative development plan has the potential to lower the estimated cash- break even oil price for the Hibiscus/Ruche (phase 1 and 2) development to approx. USD 25 per barrel Brent. A final decision to restart the Hibiscus/Ruche development is subject to lifting of COVID-19 restrictions to allow for efficient project execution, currently expected towards year-end 2020.
The presentation also refers to the expected impact from completion of the remaining two wells of the Tortue phase 2 development. These are currently expected to be completed at end of Q2 2021, adding 8-9,000 gross bbls/day at peak.
Source: BW Energy