Panoro Energy consolidates position in oil-producing Block G offshore Equatorial Guinea

Panoro Energy has completed its acquisition of a subsidiary of Kosmos Energy that holds a 40.375% interest in Block G offshore Equatorial Guinea.

It follows the receipt of competition clearance from the Central African Economic and Monetary Community (CEMAC).

The block contains the producing Ceiba Field and offshore Okume Complex, in which Panoro has held a 14.25% equity interest since early 2021. 

Panoro expects to achieve its next crude oil lifting from the block—about  546,000 bbl—at the start of July.

Panoro Executive Chairman Julien Balkany said this was a “transformational and strongly accretive transaction for Panoro, materially increasing our participation in a core producing asset. 

“Having been a partner in Block G since 2021, we know the asset well and have a high degree of confidence in its quality, cash generation potential and remaining upside.”