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The Block G acquisition offshore Equatorial Guinea leads Panoro Energy ASA’s dynamic operational and financial updates ahead of Q1 2026 results

With the acquisition of an additional 40.375% in the Block that raises its total interests to 54.625%, the company is anticipating to attain group net production of 20,000 bopd during the course of 2027. This will enhance joint-venture role influencing future production growth, work programme and efficiency, while Panoro sees an increase in both frequency and size of crude oil liftings.

Meanwhile, Block G continues to see multiple productive and asset integrity projects for field life extension, and the partners are evaluating the potential for future infill drilling campaigns in the Okume Complex, using a conventional jack-up rig in shallow water, and subsea infill wells at the Ceiba field.

Julien Balkany, executive chairman of Panoro, said, “Q1 was a period of strong strategic and operational delivery for Panoro, highlighted by the announcement of a transformational, highly accretive acquisition of an additional 40.375% interest in Block G, just prior to the escalation of geopolitical events in the Middle East that has led to major disruption of regional trade flows and substantial increase in global oil prices. This opportune transaction further strengthens the scale and cash flow potential of Panoro, creating a materially larger, more resilient business in order to deliver enhanced shareholder returns. The acquisition received strong endorsement from the capital markets with the associated equity private placement and bond tap issuance both multiple times oversubscribed and closed within a matter of hours.

“Operationally, we delivered pro forma working interest production of 14,960 bopd, supported by stable performance across our core portfolio and we are on track to achieve 20,000 bopd during 2027.

“Looking ahead, our priorities remain unchanged: deliver our pipeline of high-impact organic growth opportunities, starting with the MaBoMo Phase 2 drilling campaign at our cornerstone Dussafu block offshore Gabon mid-year, maturing the Bourdon discovery towards FID and evaluating the new state-of-the-art seismic data we have recently acquired covering the Niosi, Guduma and Dussafu blocks which will allow us to confirm future drilling targets.

“In Equatorial Guinea, we have also received for the first time contingent resources recognition for Block EG-23 where we have high-graded the exciting Estrella discovery as a potential fast-track appraisal and development project that could be tied back to existing infrastructure as we position Panoro for the next phase of material production and free cash flow growth.”

Viridien has started a seismic reimaging project in the Tano Basin, Ivory Coast, called CDI25, which explorers can refer to as a drill-ready multi-client dataset to unlock opportunities along the West African Atlantic margin

Viridien has been active in the Ivory Coast since the last four years, and CDI25 comes as an upgrade to this longstanding subsurface reimaging programme. With the deployment of digital processing and imaging workflows, including Ghost Wavefield Elimination, advanced de-multiple, and Time-Lag Full-Waveform Inversion will help deliver high bandwidth, enhanced deep imaging and sharp structural and stratigraphic details.

Covering an area of 6,555 sq km, the fast-track CDI25 results are expected by Q4 2026, before final deliverables by Q2 2027. Once out in the market, explorers will be able to access a seamless, basin-scale 3D seismic volume across 16,000 sq km of the Tano Basin.

With the recent discovery in the Calao Channel complex, explorers can use the dataset for invaluable subsurface insights to increase their chances of success in the region. To top it off, it can also be used to gain regional context into the adjacent acreage of the Baleine field for further opportunities such as lead maturation, de-risking, and further exploration delineation.

Dechun Lin, head of Earth Data, Viridien, said, “The recent Murene South and Baleine field discoveries highlight the growing importance of Tano Basin and the industry value of our multi-year reimaging programme. Viridien is proud to support exploration offshore Ivory Coast with cutting-edge data that is generating new insights to reveal further opportunities in this prolific basin.”

Sulzer has announced a joint venture with Jawaby Services & Investments Ltd (JSIL), a wholly owned subsidiary of Libya’s National Oil Corporation (NOC), to provide in‑country rotating equipment services in Libya

The company has launched an entity named Jawaby Sulzer Services whose in-country service facility will operate locally in Libya while meeting global industry standards in oil & gas, power generation and industrial operations. With the signing of this agreement, Sulzer brings in internationally recognized maintenance and repair expertise in Libya. Its operational headquarters will be build in the Misrata Free Zone, near Tripoli. Through the JV, Sulzer and JSIL will establish full-scope, OEM-grade rotating equipment services within Libya for the first time, combining Sulzer’s global technical expertise with JSIL’s strong local presence and market connectivity.

Until now, operators have been required to send critical assets (including pumps, gas and steam turbines, compressors, motors and generators) abroad for overhaul and major repairs, resulting in extended lead times and increased operational risk. Jawaby Sulzer Services addresses this market gap by delivering maintenance, re-engineering and rehabilitation services locally with Sulzer’s global excellence standards.

Alex Myers, regional president of India, Middle East & CIS (INMEC) at Sulzer Services, said, “Establishing Jawaby Sulzer Services marks an important step in strengthening our presence in the region in support of our customers. Amidst the acceleration of upstream investment, operators need dependable, locally delivered expertise to keep complex rotating equipment running safely and efficiently. This joint venture ensures that international standards and technical depth are now embedded within Libya’s energy sector, supporting stable operations and long-term industrial growth.”

Ahmed Ibrahim ElBadri, executive manager of JSIL, added, “Our partnership brings together JSIL’s strong local presence and Sulzer’s global expertise to deliver reliable, high-quality turbomachinery services inside Libya. For us, localization means building lasting capability at home – creating meaningful skilled employment, supporting Libyan suppliers and ensuring that the expertise needed to power the energy sector is developed and retained within the country.”

A new gas discovery offshore western Libya has been confirmed by the National Oil Corporation (NOC) and Eni North Africa, following the drilling of the exploration well J1-4/16

After reaching a final depth of 10,458 ft, flow rates across two tests from the Metlawi reservoir stood at 14 million cubic feet per day through a 32/64-inch choke in the first test, and 24 MMcf/d through a 62/64-inch choke in the second.

Lying approximately 95 kilometers from the coast, the well forms part of Contract 4/16, where Eni is the operator, and also remains the final well in fulfilling nine contractual obligations for offshore Contract Block D, as stipulated in the agreement signed in June 2008. 

This discovery can potentially add to Libya's production count, which saw an impressive rise last year. According to a table of the average daily crude oil production and total (cumulative) production figures for the past 10 years that was recently released by NOC Libya, 2025 had recorded the highest average production rate in comparison to the last decade, at 1.374 million barrels per day. Total crude oil production for the year reached 501 million barrels, marking a posititve shift in the NOC’s strategy to boost crude oil production rates. 

Eni is set to launch three exploration plays in Libya – shallow, deepwater and ultra-deep offshore, and is also deeply invested in the region's gas with the US$10bn Greenstream pipeline and a CO2 capture and storage plant in Mellitah.

In a move to accelerate its refining capabilities, Nigeria’s NNPC Ltd has signed a memorandum of understanding (MoU) with two Chinese companies, for collaboration through a potential Technical Equity Partnership to support the completion and operation of the Port Harcourt and Warri Refineries

Sanjiang Chemical Company Limited and Xinganchen (Fuzhou) Industrial Park Operation and Management Co. Ltd would cover operation and maintenance work of both facilities to deliver sustainable performance. There will be planned expansion and upgrades aiming cleaner and highly profitable product standards.

The MoU was signed in China by the Group CEO, NNPC Ltd, Bashir Bayo Ojulari; chairman, Sanjiang Chemical Company, Guan Jianzhong, and chairman of Xinganchen (Fuzhou) Industrial Park Operation and Management Co. Ltd.

A big development in harnessing Nigeria’s gas and downstream opportunities, Bayo Ojulari said that the MoU was the result of several months of concerted engagement between the technical and management teams of NNPC and the two Chinese partners. "All parties recognise mutually beneficial opportunities for the development and long-term sustainable profitability of NNPC's refining assets in Nigeria, and the collective weight required for success,” he said.

The partnership will play a key role in advancing Nigeria’s position as a gas-based industrial hub as the technical equity partners restart and expand NNPC's refineries.

At international Energy Week in London, Tony Attah, CEO of Renaissance Africa Energy Company, gave an impassioned presentation calling for Africa’s energy transition to be on African terms, urging global support and hailing the divestment of energy resources from international ownership into African hands

Attah began by acknowledging the role of the energy transition to protect the planet and ensure sustainability, but emphasised the need for a just and equitable transition, respecting Africa’s current realities.
“We need to talk about Africa’s energy transition on African terms. We are not challenging the timelines that have been set by Europe and the rest of the world; we are only insisting that these goals be achieved in the way of Africa’s current realities,” he said.

Attah noted the dual changes in Africa: the energy transition itself and the new phase of African ownership and participation in energy systems. Discussing the global energy context, he noted the rising energy demand and fragility of global energy systems, as evidenced by the Russia Ukraine war. Energy demand is still rising, with consumption of all energy sources, both renewables and fossil fuels, hitting record levels. And while global CO2 emissions have reached record levels for a fourth consecutive year, Africa is contributing just 4% of those emissions, but is still paying the price.

The world, including Africa will need more energy due to population growth and the rise of living standards, with global energy demand projected to grow by around 50% between 2018 and 2050. Africa’s population forecast to rise by 67% between 2018 and 2050, from 1.5bn to 2.5bn with Nigeria’s forecast to double from 200 to 400mn in the same time frame, raising the stark possibility of an energy deficit.

Energy paradox

Attah highlighted Africa’s energy paradox, noting its rich energy resources but widespread energy poverty. “We have world class solar energy resources, 40% of the global solar resource base, strong wind, major hydro and geothermal prospects, critical minerals and substantial hydrocarbons, yet we face an energy paradox where millions of Africans remain energy poor and by implication socially and economically very poor. Over 500 million Africans, nearly 43% of the population, lack direct access to electricity, and over 850 million people lacking access to clean cooking solutions, relying on traditional biomass like wood and charcoal, with a negative impact on health.

800,000 people die annually in Africa due to lack of clean energy including 100,000 in Nigeria, he noted, where 80 million Nigerians lack access to electricity. The country loses over US$29bn a year due to unreliable power supply, and 60% of manufacturing costs are attributed to lack of energy.

Africa needs to define its energy transition based on its current realities, he said.

“You cannot decarbonise the system that you have not yet built, and you cannot transition from the energy you do not have. That is the reality. This is the narrative that we as Renaissance are seeking to help reshape and change in the interests of Africa.”

Turning to the foundation of Renaissance Africa Energy Co, which will celebrate its first anniversary this March, he explained that IOC divestment had enables its shareholders to acquire Shell Nigeria’s onshore shallow water assets, marking a transition from international to African operatorship. These assets have now been successfully operated over the last 11 months. He acknowledged the Nigerian government’s speedy approval of the divestments and the major reforms that have energised the industry, as well as the support of NNPC.

“As our name connotes, it’s a new beginning and perhaps the greatest opportunity for Nigeria and indeed Africa that this energy renaissance is African owned and Africa led,” he noted, adding that the company has a bold vision to be Africa’s leading energy company enabling energy security and industrialisation in a sustainable manner. “This mission will be underpinned by our core values of collaboration, respect, integrity, safety and performance.”

The company has increased oil production by 100,000 in 100 days and contributes 2bn scf of gas to the global gas market, and is working to set the company on a growth path aligned with Nigeria’s ambition to produce 2mn BOPD by 2027 and 3mn bopd by 2030.

“African companies are not just replacing international companies. We are redefining the objectives of the assets linking production to power, to industry, to jobs, domestic value and by implication, economic and social political stability of Africa.”

Need for global support

Attah underlined the need for global support to enable Africa’s energy transition, including finance, technology and reliable infrastructure, to enable Africa to convert potential into progress, highlighting that Africa is rich in resources, talent and ambition and noting its young population.

“Africa should be enabled to lead its energy future on its own terms,” he stressed. “If the world wants Africa to replace diesel and biomass as the main energy source, then gas to power, grids and domestic systems must be financed and supported to power industries with lower emissions. Africa needs proven technologies deployed at scale, designed for reliability and real operating conditions. Gas, renewables, storage, grids must work together as systems. Africa’s transition will endure only if we invest in people, governance and operating discipline so Africa-led companies deliver competitively and responsibly for decades to come,” he said. “This is why the current shift in ownership matters.”

Attah highlighted the need for Africa governments to create certainty, stability and an enabling environment for investors to thrive, and urged global business to partner with Africa for mutual benefit, to integrate global energy systems and global financial institutions and release funds to unleash growth.

“If we get this right, we will build globally, more robust energy systems that will power industries strengthen societies, deliver dignity and reduce emissions in a manner that will enable climate change goals to be achieved sustainability, at least looking through the Africa lens,” he concluded. “Africa’s energy transition will not slow the global transition, it will strengthen it, because when Africa powers its people, builds its industries and grows responsibly the world does not lose; if anything its wins, and the vagaries associated with Africa’s underdevelopment will be a thing of the past.

He ended with the rallying cry, “Let the Africa energy renaissance begin!”