Norway’s BV Energy claims that drilling will begin at the new well in “early April”. (Photo by Jan Ziegler via Shutterstock)

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.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

Related Company Profiles

View all

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+).

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

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.