### BW Energy and Partners Ink Strategic Production Sharing Contracts in Gabon
In a recent development that underscores the robust energy landscape of Gabon, BW Energy has formed a strategic alliance with Panoro Energy and VAALCO Energy to explore two offshore blocks, Niosi Marin and Guduma Marin, located off the southern coast of Gabon. This partnership marks a significant milestone in the country’s continued efforts to harness its extensive energy resources.
Signed on November 5, 2024, the production sharing contracts (PSCs) were formalized with the Gabonese Ministries of Petroleum and Economy. BW Energy, with its commitment to low-risk phased developments, is not only the operator of the project but also holds a 37.5% working interest in both blocks[1][2][4]. Panoro Energy and VAALCO Energy supplemented this effort by holding 25% and 37.5% stakes, respectively.
The Niosi Marin and Guduma Marin blocks, previously known as G12-13 and H12-13, span an area of approximately 4,918 km². These blocks are strategically located adjacent to BW Energy’s existing Dussafu Marin licence, one of the most prolific oil-producing areas offshore Gabon[2][3][4]. The proximity to existing infrastructure significantly enhances the prospects of developing future discoveries at minimal costs and within rapid timelines.
The PSCs have provisioned an eight-year exploration period with an option to extend the contract for two additional years. During this span, the partnership is committed to carrying out extensive exploration activities. A key part of their strategy includes conducting a 3D seismic acquisition campaign across the blocks, aimed at unlocking their full exploration potential[2][3][4]. Additionally, the partners have pledged to drill an exploratory well on the Niosi Marin block, further substantiating their commitment to thorough exploration.
Gabon, known for its rich hydrocarbon reserves, stands as a prime example of a nation capitalizing on its natural resources. The country boasts proven gas reserves of 26 billion cubic meters and oil reserves exceeding 272 million tons, with 405 million cubic meters of gas and 11 million tons of oil produced in 2023 alone[2].
Carl K. Arnet, CEO of BW Energy, highlighted the significance of this partnership by stating, “These licence awards further underpin BW Energy’s commitment to Gabon and clear ambition of growing production and cash flow generation.”