Partners BW Energy, Vaalco Energy and Panoro Energy have signed production sharing contracts (PSCs) with the Gabonese Ministries of Petroleum and Economy for two shallow-water oil and gas exploration blocks offshore Gabon.
The agreements are for the Niosi Marin and Guduma Marin exploration blocks, formerly named G12-13 and H12-13. BW Energy is the operator of the blocks and holds a 37.5% interest, in partnership with Vaalco Energy (37.5%) and Panoro Energy (25%). The Niosi and Guduma blocks are situated adjacent to the producing Dussafu license, in which BW Energy holds a 73.5% operated interest, Panoro 17.5%, and Gabon Oil Company a 9% interest. The PSCs have an eight-year exploration period with option to extend for two additional years.
Gabon is well endowed with energy resources. Proven gas reserves reach 26 bcm and oil reserves 272 Mt (end of 2023). The country produced 405 mcm of gas and 11 Mt of oil in 2023.