BW Energy plans to develop an innovative converted jack-up rig system, aiming to exploit the Hibiscus/Ruche discoveries in the Dussafu field offshore Gabon.
By avoiding the construction of a standard wellhead platform, the alternative development plan allows for lower capital expenditure, decreased time to first oil, and a reduction in carbon emissions through the use of existing infrastructure.
A jack-up rig is a movable platform that consists of a floating hull with several mobile legs, capable of raising its hull above the surface of the sea. The company projects the development plan could reduce the estimated cash break-even oil price to around $25 per barrel of Brent crude.
However, the final decision to restart the Hibiscus/Ruche development will be contingent on the removal of COVID-19 restrictions anticipated for the end of 2020, according to a statement by the company.
BW Energy is a subsidiary of Oslo-based BW Group, a global maritime group involved in shipping, floating gas infrastructure, and deep-water oil and gas production. BW Energy holds the permit for the Dussafu field offshore Gabon.