Panoro Energy looks for new assets in Equatorial after purchasing Kosmos stake

Panoro Energy, a company based in Africa, will participate in Equatorial Guinea’s oil and gas auction in April to search for new assets. It has increased its stake in Block G offshore in the country.

Panoro acquired this week an additional 40.3% of Block G from Kosmos Energy. This makes it the largest shareholder in Block G, which is operated and owned by Trident Energy.

Block G includes?the Ceiba complex and the Okume field, both connected to a floating production storage unit?and offloading for export.

In a phone interview, Julien Balkany said: "We'll definitely take a look at some of the blocks that are up for auction. We think they have some very exciting potential."

Equatorial Guinea, a member of OPEC, is trying to reverse stagnant crude production and establish itself as a regional hub for gas.

ConocoPhillips and Chevron, both U.S.-based oil companies, are also active in Central Africa.

Panoro, the operator of Block G, wants to?fast-track the development of its EG 23 block. This is because it is located near the Alba oil and?gas?complex.

Balkany stated that "we clearly see EG-23 and the Estrella Discovery as one of the rough 'diamonds' in our portfolio."

The company aims to triple its production by 2030 to more than 30,000 barrels of oil per day.

Panoro, along with its partners in Gabon will drill four production?wells this year at the Mabomo?platform?in its offshore Dussafu Marin Permit.

Balkany stated, "Later this year we will make a final decision about the Bourdon discovery in Dussafu and the investment plan." Reporting by Wendell Roelf. Mark Potter (Editing by Wendell Roelf)

(source: Reuters)