BW Offshore introduced a revised Ruche growth plan together with the Hibiscus discovery which can speed up manufacturing development from the Dussafu license offshore Gabon. Under the revised plan, estimated gross manufacturing from Ruche section 1 is forecasted to double from 15,000 bbls/day to 30,000 bbls/day. These volumes will come along with the manufacturing from the Tortue subject. The Company can be happy to announce that the administration estimate for the Hibiscus reserves has been confirmed by the unbiased auditor.
The modifications to the Ruche growth plan observe the current profitable Hibiscus exploration properly (DHIBM-1). Under the revised plan, the contemplated platform will probably be moved four km to the west to include the Hibiscus sources. Ruche section 1 will in its revised type consist of 4 Hibiscus manufacturing wells and two Ruche wells, all from the Gamba formation. Phase 2 of the Ruche growth will develop the extra confirmed sources by way of as much as 7 wells to keep up the manufacturing plateau. The change in growth plan is not going to have an effect on anticipated timing of first oil from Ruche.
“Hibiscus is proving to be a discovery of equal high quality and magnitude to the Tortue subject. The revised growth will add considerably to our manufacturing capability and take us above the FPSOs present nameplate of 40,000 bbls/day. We are assured that the license companions will assist the revised growth plan launched by BW Energy,” mentioned Carl Ok. Arnet, CEO of BW Energy.
The estimated capex for the revised Ruche section 1 incorporating the Hibiscus growth has been elevated to USD 445 million (gross) from the unique estimate of USD 375 million. The estimated incremental reserves produced by Ruche section 1 are 50 million bbls gross (administration estimate). Total subject working prices together with Ruche section 1 are estimated to be USD ~10/bbls excluding royalties and taxes at present FPSO nameplate capability.
BW Offshore has acquired up to date reserve report from unbiased auditor Netherland, Sewell & Associates Inc. (“NSAI”) which assess the Hibiscus reserves at 45.four million barrels of oil (2P) gross. This will increase the Dussafu license 1P, 2P and 3P gross 68%, 68% and 69% respectively. An in depth overview of those reserves is present in attachment 1 to this press launch.
BW Energy is at present drilling 4 new manufacturing wells on Tortue which will probably be adopted by another exploration properly beneath the present sanctioned growth program. This program is predicted to lead to a mean gross manufacturing of 16,000 bbls/day in H1 2020 and 23,000 bbls/day in H2 2020. The Tortue subject produced gross common of 11,600 bbls/day in Q3 2019.
(Source: BW Offshore)
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