Panoro Energy announced a significant oil discovery in Gabon's Dussafu zone on Friday, May 10th. The find is located within the northeast extension of the Hibiscus South field and was identified through drilling activities at the DHBSM-2P exploration well, which reached a depth of 5,130 meters. Initial estimates suggest the area holds approximately 14 million barrels of oil, with 5 to 6 million barrels deemed economically viable for extraction.

The significance of this discovery lies not only in its immediate implications but also in its contribution to Gabon’s long-term energy strategy. Plans are already in motion to fast-track production from the DHBSM-2P well, with operations slated to begin before the end of the year. By leveraging nearby existing infrastructure, Panoro Energy aims to capitalize on this discovery swiftly and efficiently.

The Dussafu zone is operated by BW Energy, which holds a 73.5% stake, in partnership with Panoro Energy at 17.5% and Gabon Oil Company at 9%. This collaborative effort underscores the strategic importance of partnerships in Gabon’s oil exploration and development sector.