GABON · OIL
Key Facts
- The country Gabon is an oil-producing Atlantic state in Central Africa, led since 2023 by President Brice Clotaire Oligui Nguema.
- What happened BW Energy said on Thursday 29 October 2026 that the loss of a drilling rig delays its next Gabon oil wells.
- The rig The Prospector 5, owned by Borr Drilling, sank on Saturday 24 October 2026 with 115 people aboard.
- Oil at stake The delayed campaign was planned to add up to 20,000 barrels a day, gross, at peak from five new wells.
- New 2026 goal BW Energy now expects about 23,000 barrels a day this year, down from the low end of 24,000 to 27,000.
- Spending The company suspended its 2026 capital spending plan of US$600 million to US$650 million.
BW Energy, a Norway-listed oil producer, said on Thursday 29 October 2026 that a rig sinking has delayed its next Gabon oil wells. The wells were planned to add up to 20,000 barrels a day, gross, at peak, according to the company’s third quarter report.
For US readers, the news shows how one accident can push back production and cash flow for a small oil company with big growth targets. It also matters for people watching Gabon’s oil income, which funds a large share of the state budget.
What BW Energy Announced
The firm is an independent oil company that runs offshore fields in Gabon, Brazil and Namibia. Its third quarter report, published at 07:00 local time on 29 October 2026, says the second phase of its MaBoMo project is delayed.
MaBoMo is an offshore production facility on the Dussafu licence, off southern Gabon. The company says it is too early to say when drilling will resume, and the remaining wells join its wider Dussafu plan.
What Happened to the Rig
The Prospector 5 is a jack-up rig, a mobile drilling platform that stands on three steel legs lowered to the seabed. It lost stability while being jacked up for the MaBoMo campaign at 20:37 local time on Saturday 24 October 2026.
Borr Drilling, the drilling contractor that owns and operates the rig, said preliminary information points to a punch-through during preload. That means the seabed gave way under a leg while the rig was being tested for weight, and the rig then sank.
The People Affected
The company said 115 people were on board, and 110 were accounted for while five were missing, in its notice of Sunday 25 October 2026. Borr Drilling gave the same count and said search and rescue work was under way with local authorities.
Its chief executive, Carl Arnet, said the company’s thoughts are with the crew and families, especially those still missing. Our earlier report on the sinking is here: Gabon Oil Rig Sinks, 5 Workers Missing.
How Much Oil Is Delayed
Before the accident, the company planned five new producing wells in MaBoMo Phase 2, each flowing about 5,000 barrels a day at first. Together they could add up to 20,000 barrels a day at peak, a gross figure before partner shares.
Arnet said the incident affects the timing of those barrels rather than the resources themselves. Two appraisal wells drilled earlier in the campaign found oil and added an estimated 8 million to 9 million barrels of recoverable oil.
Production and Money
Net production in the third quarter was 21.5 thousand barrels a day, down from 25.3 thousand in the second quarter. Gabon’s Dussafu fields made 16.8 thousand barrels a day, hit by a pump problem and a seasonal maintenance stop.
Earnings before interest, tax, depreciation and amortisation, a measure of operating profit, fell to US$46.9 million from US$140.6 million. The company posted a net loss of US$0.7 million, against a profit of US$43.9 million a quarter earlier.
The New 2026 Guidance
It now expects about 23,000 barrels a day for 2026, below the low end of its earlier range of 24,000 to 27,000. It says the new figure already includes the effect of the rig accident.
The company suspended its 2026 spending guidance of US$600 million to US$650 million for all its projects, and expects less. Cash stood at US$200.3 million on 30 September 2026.
Production Has Restarted
MaBoMo was shut down as a safety step before the rig moved into position, and output resumed on Wednesday 28 October 2026. BW Energy says it has found no damage to its facilities.
A well repair job planned with the rig will now use a hydraulic workover unit, a smaller machine that services wells. The company is working to bring one in over the coming months.
What It Means for US Readers
BW Energy shares trade in Oslo, so US investors with Norwegian exposure will watch how fast it replaces the lost rig. The company still targets more than 100,000 barrels a day in 2028, up from about 30,000 in 2025.
Gabon is a smaller oil producer, so this accident will not move world prices. It does show the risk for offshore drillers and insurers when a rig is lost during the first days of a campaign.
What Is Not Known
The firm has not said when drilling will restart or how much 2027 output it may lose. It has not named a replacement rig, though it had already begun looking for a new rig for another drilling programme.
The final cause of the sinking will depend on the investigation, and the company has not given the cost of the loss. The Gabonese government has not said what the delay may cost the state in oil income.
More: Africa news in English, every day from The Rio Times.
Frequently Asked Questions
What happened to the Prospector 5 rig?
The jack-up rig lost stability and sank off Gabon at 20:37 local time on Saturday 24 October 2026. Borr Drilling, its owner, points to a seabed punch-through during preload.
How much oil is delayed?
The MaBoMo Phase 2 campaign was planned to add up to 20,000 barrels a day at peak from five wells. BW Energy has not given a new start date.
Has BW Energy changed its 2026 forecast?
Yes, it now expects about 23,000 barrels a day, below the low end of its earlier range of 24,000 to 27,000. It also suspended its capital spending plan.
Is oil production in Gabon still running?
Yes, MaBoMo restarted on Wednesday 28 October 2026 after a safety shutdown. BW Energy reports no damage to its facilities.
Is the 2028 target still in place?
Yes, BW Energy still aims to produce more than 100,000 barrels a day in 2028. That goal covers all its projects, not only Gabon.
Sources: BW Energy, third quarter 2026 report, 29 October 2026; BW Energy, financial report Q3 2026 (PDF), 29 October 2026; BW Energy, drilling rig incident on the Dussafu licence, 25 October 2026; Borr Drilling, Prospector 5 rig incident announcement, 25 October 2026.
This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error · Editorial responsibility: Matthias Camenzind, Editor-in-Chief
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