Independent E&P company Panoro Energy made a discovery at the DHBSM-2P pilot well on the south extension of the Hibiscus South field in Gabon’s Dussafu Marin Permit. Gross recoverable reserves are shown to be between five and six million barrels of oil and approximately 14 million barrels of oil in place. Panoro expects to complete the well towards the end of 2024.

“Last week, we announced the extension of barrels at one of the fields at the Hibiscus extension. These are profitable barrels because there is infrastructure all around the area,” stated Tim O’Hanlon, Senior Advisor, Panoro Energy at the Invest in African Energy (IAE) conference in Paris.

The discovery augments the sizeable potential of Gabon’s offshore oil reserves at a time when oil and gas projects are progressing rapidly across the country. During the second annual IAE Forum in Paris this week, a panel discussion – sponsored by the country’s Ministry of Petroleum and the Gabon Oil Company – unpacked Gabon’s hydrocarbon potential, with speakers drawing attention to ongoing project developments and available investment opportunities.

“There is a big shift from oil to gas and we are looking at gas as our next focus. Gabon is very economically stable and this has been proven throughout the years. We have adjusted many aspects of our law. We welcome you to invest in Gabon,” said Fernand Epigat, Deputy General Manager, Directorate General of Hydrocarbons.

With over 2 billion barrels of oil reserves and 1.2 trillion cubic feet of gas, Gabon is a strategic investment opportunity for foreign companies. O’Hanlon explained that, “Most of the reserves that we know about in Gabon reside in statistically small pools. There are challenges particular to Gabon – the onshore is forested so seismic acquisition is challenging – but that introduces some pleasant surprises. It is a country where reserves tend to get bigger.”

Given this potential, various large-scale projects are already underway. Christophe Blanc, Lead Gas Commercial Manager at Perenco, announced that the company will start construction at a planned LNG production unit in the coming weeks. Set to be located at the Cap Lopez oil terminal, the LNG production unit will produce 700,000 tons of LNG and aims to come online by 2026. In addition to LNG, the project will add 25,000 tons of LPG to the country’s energy mix.

According to Blanc, the project “is a unique concept, where we have a liquefaction barge that will be built and all modules sent to the FSU which will be moored alongside the FLNG. We will load the LNG and export it worldwide. It will unlock a new source of revenue for Gabon and will create a lot of jobs.”

These developments highlight the growing potential for gas-related investments in Gabon. According to EPIGAT, the government is committed to supporting project developers. “We are investing – alongside our partners – in infrastructure to help Gabon become a global gas player. We are putting more emphasis on building infrastructure,” he said.