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Equatorial Guinea

Block G (Ceiba Field and Okume Complex). The Ceiba Field and Okume Complex assets comprise six oil fields offshore Equatorial Guinea

Block G (Ceiba Field and Okume Complex)

The Ceiba Field and Okume Complex assets comprise six oil fields offshore Equatorial Guinea. The Ceiba Field is located in 600-800 m of water depth on the slope of the southern Rio Muni Basin approximately 35 km offshore. Oil production commenced in November 2000 and the field was developed in phases with the production wells tied back to the Ceiba FPSO through a system of six subsea manifolds and flowlines. The produced liquids are processed on the FPSO for export.

The Okume Complex consists of five separate oil fields, Okume, Ebano, Oveng, Akom North and Elon. The Okume Complex fields were discovered in 2001 and 2002 and are developed utilising four fixed jackets in the Elon field and two tension leg platforms to develop remaining fields. All fields are tied back to a central processing facility (CPF) at one of the Elon platforms. The processed oil from the CPF is transported via a 25km, 12 inch pipeline to the Ceiba FPSO for export.

In May 2021 the Ministry of Mines and Hydrocarbons of Equatorial Guinea and the Joint Venture partners at Block G agreed a material time extension of the Production Sharing Contract (“PSC”) until 31 December 2040 covering both the producing Ceiba and Okume Complex Fields. Prior to the extension the PSC expiry for the Ceiba Field was 2029 and for the Okume Complex field 2034.

During 2021 gross production from the Block G fields amounted to 10.9 MMbbls. As of the end of 2021 Block G had a total combined gross 2P reserve of 92.5 MMbbls and unrisked gross 2C resources of 146.4 MMbbls.

Equatorial Guinea Regional Map

Block G (Ceiba Field and Okume Complex) Operations Map

Click image above to enlarge map

Key Facts Okume Complex

  • Asset

    Okume Complex

  • Status

    Production & Development

  • Ownership

    14.25%

  • Partners

    Trident Energy, Kosmos Energy & GE Petrol

Key Facts Ceiba Field

  • Asset

    Ceiba Field

  • Status

    Production & Development

  • Ownership

    14.25%

  • Partners

    Trident Energy, Kosmos Energy & GE Petrol

Block S and Block EG-01

Block S

In October 2022 Panoro reached agreement to farm-in to the Kosmos Energy operated Block S offshore Equatorial Guinea for a 12% non-operated participating interest, acquiring a 6% participating interest from each of Kosmos Energy and Trident Energy.

Block S covers a surface area of 1,245 km2 with water depths ranging from 450 metres to 1,500 metres and is covered by high quality 3D seismic. The block surrounds the producing Ceiba Field and is adjacent to the producing Okume Complex, which is operated by Trident Energy and where Panoro holds a 14.25% non operated participating interest.

Past exploration activities on Block S have tested and proven the necessary geological play elements which has led to an extensive prospect inventory being identified within tie-back distance to the Ceiba Field and Okume Complex facilities. One exploration well is planned to be drilled during 2024. The Akeng Deep exploration well is planned to test a play in the Albian, targeting an estimated gross mean resource of approximately 180 MMboe in close proximity to production infrastructure at Block G.

 

Block EG-01

In February 2023 Panoro was awarded a 56% interest and operatorship of Block EG-01. Block EG-01 is located in water depths ranging from 30 metres to 500 metres, mainly shallow, and is covered by high quality 3D seismic. The partners have been awarded block EG-01 for an initial period of three years during which they will conduct subsurface studies based on existing seismic data to further define and evaluate the prospectivity of the block. Following this, the partners will have the option to enter into a further two-year period, during which they will undertake to drill one exploration well.

Past exploration activities on Block EG-01 have tested and proven the key geological elements for successful exploration. These findings have led to the identification of an extensive prospect inventory within tie-back distance to the Ceiba Field and Okume Complex facilities. Since 2003, three exploration wells have been drilled on the block, with two encountering thin oil and gas pay and one encountering oil shows. The main hydrocarbon plays are Eocene sands and Upper Cretaceous turbidites analogous to the Block G plays where over one billion barrels STOIIP has been discovered. Moreover, there is potential for deeper Albian targets, similar to the Block S prospect, which is scheduled for drilling in 2024.

Equatorial Guinea Regional Map

Block S & Block EG-01 Operations Map

Click image above to enlarge map

Key Facts Block S

  • Asset

    Block S

  • Status

    Exploration

  • Ownership

    12%

  • Partners

    Kosmos Energy, Trident Energy & GEPetrol

Key Facts Block EG-01

  • Asset

    Block EG-01

  • Status

    Exploration

  • Ownership

    56%

  • Partners

    Kosmos Energy & GEPetrol

Panoro Energy ASA is an independent E&P company listed on the main board of the Oslo Stock Exchange with ticker PEN.

The Company holds high quality exploration and production assets in Africa with oil production from fields in Equatorial Guinea, Gabon and Tunisia.

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