He said: "I'm aware that there's real competition for the number two shirt. The rivalry with Huw Bennett is intense, we've got an excellent relationship where we understand that we are after the same shirt and that drives us both on.
"It's good to have competition for places, I think it helps to improve performance levels when players know that they can't take their place for granted and that will benefit the Ospreys and Wales in the long run."
Since making his Ospreys debut as a youngster in a 13-9 defeat to Munster at Musgrave Park in December 2004, Hibbard has gone on to make a total of 53 appearances for the region. The 2007/08 season saw him really establish himself as one of Wales' leading hookers, making 26 Ospreys appearances, including a start at Twickenham in the EDF Energy Cup Final victory over Leicester Tigers. His one try to date in Ospreys colours also came last season, when he touched down in the closing stages of the 32-15 win over Gloucester in the Heineken Cup.
His consistency over the course of the season so him being rewarded with a call-up for the Welsh summer tour to South Africa, where he made his first international start in the second test, taking his total appearances for Wales to six having also been capped on the two previous summer tours, to Argentina and Australia.
Ospreys Coach Jonathan Humphreys commented: "This is great news for the Ospreys. We believe that Richard has the potential to become one of the best hookers in world rugby and we are delighted that he sees his long-term future with the Ospreys. He is a highly motivated individual who has a strong desire to be a success, and the improvements in his game over the last twelve months are clear.
Hibbard is the 15th Osprey to sign a new deal this year, following Gavin Henson, Jonathan Thomas, Shane Williams, Lee Byrne, Paul James, Andrew Bishop and Huw Bennett, Filo Tiatia, Cai Griffiths, Ben Lewis, Ed Shervington, Leigh Bevan, Gareth Owen and Rhys Webb.