Panoro Energy expects growth to continue this year, targeting 40% more production than 2023, despite problems around drilling in Equatorial Guinea.
Perenco has begun drilling an appraisal well in Gabon, close to its shallow water Hylia South West discovery from December 2022.
Gabon Oil Co. (GOC) has sealed the acquisition of Assala Energy, with Maurel et Prom acknowledging defeat.
M&A remains an important means for oil and gas companies to access new reserves and opportunities, despite the challenges.
Nguema said the purchase of Assala was intended to increase the state’s share of revenues. The move, he said, would allow Gabon to “demonstrate its sovereignty in the oil sector, which is the heart of the economy”.
“At the same time [it is] hoping that shareholders with a long-term perspective will continue to support the company through joint ownership in the future”.
“If nothing is done … ONEP will use all legal means, including a strike”, officials said.
“The wider refinancing continues, and while the overall cost of the debt has increased, the maturity of the debt has been extended, which takes pressure off the balance sheet in the near term,” Kelty said.
“We look forward to rapidly bringing these high-value barrels into production. The result also confirms the significant potential of the Dussafu licence where we have multiple additional future prospects.”
The company completed the well in the summer. The HYSM-01 well is now producing 3,000 bpd of oil.
As the security forces took control of the country, they ordered borders and ports to shutter. This triggered a drop off in oil loadings, according to OilX’s Florian Thaler.
A TotalEnergies official said the company was “mobilised to ensure the safety of its employees and operations, which is its main priority”.
The transaction will increase Maurel’s production to 67,800 boepd, it reported, of which 56,500 bpd will be in Gabon. The deal will also see Maurel take over a midstream network and the Gamba oil terminal.
“That’s not cutting costs with a machete and being unsafe. We’re doing more with safe facilities. It’s not just good to cut costs and allocate that cash to other areas but it also facilitates financing of the company.”
Signing the MoU in early April, Gabon said Perenco was investing around $40 million in infrastructure. Gabon Power will put in around $84mn.
Appraisal drilling in the DE8 licence is also under way. Tullow said this could begin producing oil via Tchatamba infrastructure before the end of 2023. There are also more ILX opportunities on the DE8 licence.
The BW Adolo FPSO will process oil from this development phase alongside the Tortue production. Tankers will offload oil from the FPSO for export.
This year, the company aims to focus its spending in Gabon. It will spend $100mn on development, of which $85mn will be in Gabon.
In Cote d’Ivoire, the independent is planning to drill an exploration well in 2024 on CI-524. The company has also secured a new licence in the country, CI-803, where it sees insights from its Tano Basin knowledge.
“We are pleased to be investing to help meet Gabon’s future energy demands, supporting the country in reducing its emissions, and delivering a project that will also create hundreds of direct and indirect employment opportunities.”
Gabon is producing around 200,000 barrels per day. Should Tigre be successful, and if the in-place forecasts are accurate, the project could double Gabon’s production, S&P said.
“Panoro is entering a phase of continual drilling activity which will see at least 10 wells being drilled in Gabon and Equatorial Guinea over the next 12 to 15 months and deliver a step-change in working interest production,” said company CEO John Hamilton.
Operations had returned to normal in the third quarter in Gabon, Maurel said. The company began a well stimulation campaign in the fourth quarter of 2022, with the field now capable of producing more than 21,000 bpd.
"The signing of these agreements confirms our company's desire to strengthen its partnership with the Gabonese republic and to pursue the development of its activities in Gabon,” said Henri-Max Ndong-Nzue, the head of the Gabonese unit.
Vaalco Energy has seen some disappointing results from a recent well offshore Gabon, but is looking for solutions.