Energy Capital & Power

Panoro Energy Will Resume Drilling in the First Half of 2021 in Gabon

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Image: Tunisie Numérique

Panoro Energy will resume drilling in Gabon in the first semester of 2021, according to a recent announcement by CEO John Hamilton.

Active in the Dussafu Marin permit offshore, in which it holds a 75% stake, the company had previously chosen to reduce production targets in the midst of COVID-19, down to 2,600 barrels per day in 2020. Dussafu Marin contains six oil fields, including Ruche and Hibiscus.

Recent seismic data retreatment revealed that the Dussafu Marin field could contain up to three times the initial estimated volume of oil. According to Netherland, Sewell and Associates Inc. – the company that ran the study – proven oil reserves are 31.2 million barrels, while probable reserves are estimated at 45.4 million barrels and possible reserves could reach up to 58 million barrels. Furthermore, oil production costs in Ruche and Hibiscus will be lowered thanks to the installation of an innovative converted jack-up rig, instead of the construction of a standard wellhead platform. Estimated savings will reach around $100 million

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Sihle Qekeleshe is a Web Editor at Energy Capital & Power. She has experience as a Copywriter and Editor in various industries.