Panoro Energy and its joint venture partners have secured a significant time extension to the Dussafu Marin production sharing contract (PSC) offshore Gabon, stretching the agreement’s duration to 2053 and opening a long-term horizon for expanded development, exploration and infrastructure investment across the block.
Under the amended PSC, the partners will benefit from three additional five-year option periods beginning in 2038 — an extension that builds materially on the previous arrangement, which ran to 2038 with two five-year options from 2028. The revised framework is expected to positively impact Panoro’s 2P reserves at Dussafu and provides the certainty needed to advance future investment phases and infrastructure programmes.
Panoro Chief Operating Officer and President Eric d’Argentre described the extension as “a key catalyst towards realising the block’s full economic potential,” and confirmed that the company will use the expanded timeline to confidently plan future investment phases — including a final investment decision on the Bourdon discovery, as well as other undeveloped prospects on the block.
On the near-term operational front, Panoro confirmed it remains on track to begin a four-well MaBoMo Phase 2 development drilling programme mid-year, which is expected to return gross production at Dussafu to nameplate capacity of approximately 40,000 barrels of oil per day once all new wells are brought onstream. Two potential appraisal targets have also been identified for drilling after the MaBoMo Phase 2 campaign, offering additional fast-track production upside.
The extension also unlocks the broader exploration and appraisal potential of the adjacent Niosi and Guduma exploration blocks, where Panoro holds a 25 per cent interest. D’Argentre credited the collaborative effort of the Ministry of Petroleum and Gas, the Government of Gabon, and joint venture partners in delivering the extension, which he said secures the long-term future of Dussafu operations.
Source: oilreviewafrica.com