Panoro Energy Expands Horizons in Africa's Oil Landscape
November 2, 2024, 4:41 am
Panoro Energy ASA is making waves in the African oil sector. With recent developments in Equatorial Guinea and Gabon, the company is positioning itself as a key player in the region. The energy landscape is shifting, and Panoro is at the forefront of this transformation.
On November 1, 2024, Panoro announced the successful onstream of the C-45 infill well in Block G, offshore Equatorial Guinea. This well is a significant milestone. It began producing at an impressive rate of over 5,000 barrels of oil per day (bopd). This is no small feat. The well was drilled to a depth of 3,148 meters, tapping into high-quality oil-saturated reservoir sands. The success of this well aligns perfectly with the company’s growth strategy.
The C-45 well is just the beginning. A second infill well, OF-19, is already drilled and expected to come online soon. This rapid progression signals Panoro's commitment to increasing production. The company holds a 14.25 percent interest in Block G, partnering with Trident Energy and Kosmos Energy. Together, they are charting a course for organic growth in production.
But the excitement doesn’t stop there. Following the completion of the OF-19 well, the Noble Venturer drill ship will shift focus to Block S. Here, Panoro has a 12 percent interest. The upcoming Akeng Deep infrastructure-led exploration well aims to tap into an estimated 180 million barrels of oil. This well is crucial. It could unlock new resources and enhance the company's position in the region.
Panoro's CEO expressed satisfaction with the progress. The C-45 well is a stepping stone toward a larger goal: achieving a production target of 13,000 bopd across its operations in Equatorial Guinea and Gabon. This ambitious target reflects the company’s strategic vision and operational prowess.
In parallel, Panoro is expanding its footprint in Gabon. On October 31, 2024, the company signed Production Sharing Contracts (PSCs) for Blocks Niosi and Guduma. These blocks cover substantial areas of 2,974 km² and 1,927 km², respectively. They are adjacent to the producing Dussafu Marin Permit, where Panoro already holds a 17.5 percent interest. This expansion is a logical step. It allows Panoro to leverage its existing knowledge and expertise in the region.
The Niosi and Guduma blocks are rich in potential. The PSC for Niosi includes a five-year exploration period, with commitments for new 3D seismic data acquisition and one well. The Guduma block has a three-year exploration period, focusing on geological and geophysical studies. Both blocks offer options for further exploration, ensuring that Panoro can adapt and grow as opportunities arise.
The partnerships in these blocks are noteworthy. BW Energy will operate the Niosi block with a 37.5 percent interest, while VAALCO Energy holds an equal stake. This collaboration enhances the potential for success. The combined experience and resources of these companies create a robust framework for exploration and development.
Panoro’s journey in Gabon began in 2008. Since then, the company has built a solid foundation. Its success in the Dussafu Marin Permit, with an impressive 89 percent exploration and appraisal drilling success rate, showcases its capabilities. The Gamba formation, known for its prolific pre-salt reserves, is a testament to the region's potential.
The strategic expansion into Niosi and Guduma reflects Panoro's commitment to growth. The company is not just looking to increase production; it aims to deepen its understanding of the hydrocarbon geology in the region. This knowledge will be invaluable as they explore new opportunities.
The oil market is dynamic. Prices fluctuate, and geopolitical factors come into play. However, Panoro’s strategic moves position it well to navigate these challenges. The company’s focus on organic growth, coupled with its partnerships, creates a resilient business model.
As Panoro Energy continues to expand its operations, the future looks promising. The successful onstream of the C-45 well and the signing of PSCs for Niosi and Guduma are just the beginning. The company is poised to tap into Africa's rich oil resources, driving production and growth.
In conclusion, Panoro Energy is not just a player in the oil industry; it is a force. With strategic expansions and successful drilling campaigns, the company is setting the stage for a bright future. The energy landscape in Africa is evolving, and Panoro is leading the charge. The horizon is wide, and the opportunities are vast. Panoro is ready to seize them.
On November 1, 2024, Panoro announced the successful onstream of the C-45 infill well in Block G, offshore Equatorial Guinea. This well is a significant milestone. It began producing at an impressive rate of over 5,000 barrels of oil per day (bopd). This is no small feat. The well was drilled to a depth of 3,148 meters, tapping into high-quality oil-saturated reservoir sands. The success of this well aligns perfectly with the company’s growth strategy.
The C-45 well is just the beginning. A second infill well, OF-19, is already drilled and expected to come online soon. This rapid progression signals Panoro's commitment to increasing production. The company holds a 14.25 percent interest in Block G, partnering with Trident Energy and Kosmos Energy. Together, they are charting a course for organic growth in production.
But the excitement doesn’t stop there. Following the completion of the OF-19 well, the Noble Venturer drill ship will shift focus to Block S. Here, Panoro has a 12 percent interest. The upcoming Akeng Deep infrastructure-led exploration well aims to tap into an estimated 180 million barrels of oil. This well is crucial. It could unlock new resources and enhance the company's position in the region.
Panoro's CEO expressed satisfaction with the progress. The C-45 well is a stepping stone toward a larger goal: achieving a production target of 13,000 bopd across its operations in Equatorial Guinea and Gabon. This ambitious target reflects the company’s strategic vision and operational prowess.
In parallel, Panoro is expanding its footprint in Gabon. On October 31, 2024, the company signed Production Sharing Contracts (PSCs) for Blocks Niosi and Guduma. These blocks cover substantial areas of 2,974 km² and 1,927 km², respectively. They are adjacent to the producing Dussafu Marin Permit, where Panoro already holds a 17.5 percent interest. This expansion is a logical step. It allows Panoro to leverage its existing knowledge and expertise in the region.
The Niosi and Guduma blocks are rich in potential. The PSC for Niosi includes a five-year exploration period, with commitments for new 3D seismic data acquisition and one well. The Guduma block has a three-year exploration period, focusing on geological and geophysical studies. Both blocks offer options for further exploration, ensuring that Panoro can adapt and grow as opportunities arise.
The partnerships in these blocks are noteworthy. BW Energy will operate the Niosi block with a 37.5 percent interest, while VAALCO Energy holds an equal stake. This collaboration enhances the potential for success. The combined experience and resources of these companies create a robust framework for exploration and development.
Panoro’s journey in Gabon began in 2008. Since then, the company has built a solid foundation. Its success in the Dussafu Marin Permit, with an impressive 89 percent exploration and appraisal drilling success rate, showcases its capabilities. The Gamba formation, known for its prolific pre-salt reserves, is a testament to the region's potential.
The strategic expansion into Niosi and Guduma reflects Panoro's commitment to growth. The company is not just looking to increase production; it aims to deepen its understanding of the hydrocarbon geology in the region. This knowledge will be invaluable as they explore new opportunities.
The oil market is dynamic. Prices fluctuate, and geopolitical factors come into play. However, Panoro’s strategic moves position it well to navigate these challenges. The company’s focus on organic growth, coupled with its partnerships, creates a resilient business model.
As Panoro Energy continues to expand its operations, the future looks promising. The successful onstream of the C-45 well and the signing of PSCs for Niosi and Guduma are just the beginning. The company is poised to tap into Africa's rich oil resources, driving production and growth.
In conclusion, Panoro Energy is not just a player in the oil industry; it is a force. With strategic expansions and successful drilling campaigns, the company is setting the stage for a bright future. The energy landscape in Africa is evolving, and Panoro is leading the charge. The horizon is wide, and the opportunities are vast. Panoro is ready to seize them.