Trident Energy, along with joint venture partners Kosmos Energy, Panoro Energy and GEPetrol, will extend the Production Sharing Contract for Block G offshore Equatorial Guinea until December 2040. Operated by Trident Energy, Block G comprises the producing Ceiba and Okume Complex, one of the most prolific assets in the Rio Muni Basin.
The license was extended in a bid to further unlock the block’s full potential and increase its net reserves, with drilling planned for the second half of 2023. The first phase of a three-well drilling campaign was carried out by Trident Energy in 2021.
“Upon entering the Block G joint venture, we had always identified an upside in extending the PSC expiry dates to realize the full potential in the Ceiba and Okume fields,” said John Hamilton, CEO of Panoro Energy. “The extension substantially increases Panoro’s net 2P reserves in Block G and creates the time in which to unlock the material resources we believe to be present.”
Without the extension, the licenses for the Ceiba and Okume fields were set to expire in 2029 and 2034, respectively.