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Gabon Energy

Panoro Energy Discovers 5-6 Million Barrels of Oil in Gabon

Panoro Energy announces a significant oil discovery at the DHBSM-2P pilot well in Gabon's offshore Dussafu Marin Permit, with estimated recoverable reserves of 5-6 million barrels of oil, which could have significant implications for Gabon's economy and energy sector. The discovery, operated by BW Energy, takes place in a prolific area for oil discoveries and strengthens Panoro Energy's position as a key player in Gabon's oil and gas sector." This description focuses on the primary topic of the oil discovery, the main entities involved (Panoro Energy, BW Energy, and Gabon), the context of the offshore Dussafu Marin Permit, and the significant implications of the discovery. It also provides objective and relevant details that will help an AI generate an accurate visual representation of the article's content, such as the location and type of discovery.

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Nitish Verma
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Panoro Energy Discovers 5-6 Million Barrels of Oil in Gabon

Panoro Energy Discovers 5-6 Million Barrels of Oil in Gabon

Panoro Energy has announced a significant oil discovery at the DHBSM-2P pilot well in Gabon's offshore Dussafu Marin Permit. The well, drilled to a total depth of 5,130 meters using the Borr Norve jackup rig, encountered 25 meters of pay in a 35-meter hydrocarbon column within the Gamba Formation.

Preliminary evaluation of the discovery indicates gross recoverable reserves of 5-6 million barrels of oil, with approximately 14 million barrels in place. Panoro Energy holds a 17.5% participating interest in the Dussafu Marin Permit, which is operated by BW Energy.

Why this matters: This discovery has significant implications for Gabon's economy and energy sector, as it increases the country's oil reserves and potential revenue. The development of this field could also have a broader impact on the global energy market, particularly in regions that rely heavily on oil imports.

The DHBSM-2P pilot well discovery confirms a north-eastern extension of the Hibiscus South Field and increases the recoverable reserves in the area. Well data also revealed that the Hibiscus South structure is a separate accumulation with a deeper oil-water contact compared to the nearby Hibiscus Field.

BW Energy, the operator of the Dussafu Marin Permit, plans to complete the DHBSM-2P well as a production well later in 2024. The successful discovery was initially announced by BW Energy on May 8.

The Dussafu Marin Permit is located offshore Gabon and has been a prolific area for oil discoveries in recent years. Panoro Energy's participating interest in the permit provides the company with exposure to the significant hydrocarbon potential of the region.

The DHBSM-2P pilot well discovery adds to Panoro Energy's growing resource base in Gabon and strengthens the company's position as a key player in the country's oil and gas sector. With plans to complete the well as a producer by the end of 2024, Panoro Energy is well-positioned to capitalize on this significant discovery and contribute to Gabon's hydrocarbon production in the coming years.

Key Takeaways

  • Panoro Energy discovers 5-6 million barrels of oil at DHBSM-2P well in Gabon.
  • Well encountered 25 meters of pay in 35-meter hydrocarbon column in Gamba Formation.
  • Discovery increases Gabon's oil reserves and potential revenue.
  • BW Energy to complete well as production well by end of 2024.
  • Panoro Energy holds 17.5% participating interest in Dussafu Marin Permit.