Africa-focused Panoro Energy (PENR.OL) plans to participate in Equatorial Guinea’s upcoming oil and gas auction in April as it seeks new assets, following an increase in its stake in the country’s offshore Block G, its executive chairman said on Friday, according to Reuters.
This week, Panoro acquired an additional 40.3% interest in Block G from Kosmos Energy (KOS.N), making Panoro the largest shareholder in the block, which is operated by Trident Energy.
Block G includes the Ceiba field and the Okume complex, both connected to a single floating production, storage, and offloading unit for export.
“We will definitely have a look on some of those blocks in the auction because we think some of them have very exciting potential,” Julien Balkany said in a telephone interview.
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An OPEC member, Equatorial Guinea is working to reverse years of stagnant crude output and establish itself as a regional gas hub.
U.S. majors Chevron and ConocoPhillips are also active in the country, with Chevron recently committing to gas project development.
Beyond Block G, Panoro aims to accelerate development of its EG-23 block, where it is the operator, due to its proximity to the Alba oil and gas complex.
“We clearly see EG-23 with the Estrella discovery as being one of the rough diamonds in our portfolio,” Balkany said.
With producing assets in Gabon, Tunisia, and Equatorial Guinea, Panoro is targeting a tripling of production to over 30,000 barrels of oil per day by 2030.
In Gabon, Panoro and its partners plan to drill four production wells this year at the Mabomo platform within its offshore Dussafu Marin permit.
“Later this year we will take a decision on the development plan and final investment decision for the exciting Bourdon discovery also in Dussafu,” Balkany added.
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Image Credit: Offshore Energy
