BW Energy has just announced an alternative development plan for the Hibiscus / Beehive well, using a jack-up. This should in particular reduce development capital investments on this field located on the Dussafu permit, off Gabon.
Omnipresent on the Dussafu permit off Gabon, BW Energy recently unveiled its plans for the Hibiscus / Beehive field. The oil company is in the process of implementing an alternative development plan for Hibiscus / Beehive, using a converted jack-up instead of building and installing a new wellhead platform.
A jack-up is a type of movable platform that consists of a floating hull with a number of movable legs, capable of raising its hull above the sea surface. “The conversion concept should reduce development capital investments, the time it takes to put the first oil into production and allow a substantial reduction in climate gas emissions linked to the development of the field by reusing the already existing energy infrastructure ”, BW Energy explained.
The oil company is confident that the alternative development plan has the potential to lower the estimated oil price for Hibiscus / Beehive development (Phases 1 and 2) to around $ 25 per barrel of Brent. “A final decision to restart Hibiscus / Beehive development is subject to the lifting of Covid-19 restrictions to allow efficient execution of the project, currently expected towards the end of 2020,” BW Energy stressed.
