Panoro Energy Agrees Terms for Oil and Gas Block Offshore Guinea

(Credit: Panoro Energy)
(Credit: Panoro Energy)

Oslo-listed oil and gas company Panoro Energy has reached an agreement with the Government of Equatorial Guinea on the key terms and conditions for the award of offshore Block EG-23.

The Heads of Terms agreement signed by Panoro, GEPetrol (the national oil company), and the Ministry of Mines and Hydrocarbons paves the way for a period of exclusive negotiations to finalize a Production Sharing Contract (PSC) for Block EG-23 and development of a work program and budget.

Panoro envisages its participating interest in Block EG-23 upon award of a PSC will be up to 80% initially.

Block EG-23 is located offshore Equatorial Guinea north of Bioko Island and adjacent to the producing Alba gas and condensate field.

Covering a surface area of approximately 600 km2 in water depths ranging from 50 meters to 100 meters, 19 wells have been drilled on Block EG-23 to date resulting in seven hydrocarbon discoveries (four oil, two gas and one gas/condensate), some of which have been tested.

The block was previously held by Marathon. Panoro’s technical evaluation indicates a range of plays exist on the block and has identified a number of prospects and leads in addition to the existing discoveries. 

According to Panoro, the initial work program will be focused on re-processing existing seismic data to mature prospects and leads to a drill-ready state with an option to then enter a second stage which would entail drilling.

“We are grateful to the Government of Equatorial Guinea for this opportunity to enter into a PSC for the highly prospective Block EG-23 and further grow our business in Equatorial Guinea.

“The award of a PSC for Block EG-23, when finalized, will be a complementary expansion of our existing acreage portfolio in Equatorial Guinea.

“We look forward to partnering with GEPetrol to leverage our collective core subsurface skill sets, increasing our exposure to a broad range of play types, prospects and leads in the vicinity of existing infrastructure,” said John Hamilton, CEO of Panoro.

Current News

Women in Maritime Day: Shaping the Future of Maritime Safety

Women in Maritime Day: Shaping

New Dutch Coalition Aims for More Offshore Gas Extraction

New Dutch Coalition Aims for M

Iberdrola to Triple Offshore Wind Assets

Iberdrola to Triple Offshore W

ABS Wavesight eLog Books for Offshore Drilling

ABS Wavesight eLog Books for O

Subscribe for OE Digital E‑News

Offshore Engineer Magazine