Africa-focused Panoro Energy will take part in Equatorial Guinea's oil and gas auction in April as it hunts for new assets after increasing its stake in the country's offshore Block G, its executive chairman said on Friday.
Panoro this week acquired an additional 40.3 per cent interest in Block G from Kosmos Energy, making it the largest shareholder in the block, which is operated by Trident Energy.
Block G contains the Ceiba field and the Okume complex, both linked 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.
An OPEC member, Equatorial Guinea is seeking to reverse years of stagnant crude output and position itself as a regional gas hub. US oil major Chevron recently committed to developing gas projects in the Central African nation, while ConocoPhillips is also active there.
Beyond Block G, Panoro wants to fast-track development of its EG-23 block, where it is the operator, given 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, the company is aiming to triple production to more than 30,000 barrels of oil per day by 2030. In Gabon, Panoro and its partners will drill four production wells this year at the Mabomo platform in 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 said.
(Reporting by Wendell Roelf. Editing by Mark Potter)
