Multiple sessions are inserting data concurrently into a table that has an LOB column.

When sessions concurrently insert data into a table with an LOB column and one session needs to allocate a new extent because it cannot find available space, the wait event associated with this contention is "enq: HW - contention". The HW stands for High Water Mark which is related to space allocation in the database segment. When a session needs to allocate a new extent, it may raise this wait event in other sessions that are also attempting to allocate space in the same LOB segment.

References

Oracle Database 19c Reference Guide - enq: HW - contention