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The African Energy Chamber has welcomed Panoro Energy’s decision to deepen its investment in Equatorial Guinea, calling the move a strong signal of confidence in the country’s upstream oil sector.
Dallas-based Kosmos Energy has agreed to sell its 40.375 percent non-operating interest in the Ceiba Field and Okume Complex in Block G to Panoro Energy for up to $219.5 million. The agreement includes $180 million upfront and as much as $39.5 million in contingent payments tied to future production and oil prices. Completion is expected in mid 2026, subject to approval by the Central African Economic and Monetary Community.
With the acquisition, Panoro will increase its total stake in Block G to 54.625 percent, consolidating its position in one of Equatorial Guinea’s most established offshore producing areas.
The chamber, which represents energy stakeholders across the continent, described the transaction as a practical example of asset optimisation at work. By taking a larger share in mature producing fields, Panoro is betting on steady output and long-term value rather than short-lived exploration gains.
Block G has anchored offshore production in Equatorial Guinea for decades. The Ceiba Field began pumping oil in 2000, followed by the Okume Complex in 2006. Together, the assets have historically produced between 30,000 and 35,000 barrels per day and generated several hundred million barrels since first oil.
Infrastructure already in place has supported that longevity. Production flows through the Sendje Ceiba floating production storage and offloading vessel along with fixed platforms and subsea wells. Infill drilling campaigns in recent years have aimed to slow natural decline rates and extend field life toward the production sharing contract expiry in 2040.
Equatorial Guinea’s oil output has slipped significantly from its 2010 peak, prompting authorities to push a broader gas focused strategy. Initiatives such as the Gas Mega Hub and the planned EGRonda 2026 licensing round are part of efforts to reposition the country as a regional processing and export center.
Continued capital flowing into Block G provides near term stability as that transition unfolds. Steady production from existing oil assets remains a cornerstone of state revenues even as gas ambitions gather pace.
Panoro, an independent exploration and production company with assets in Gabon, Tunisia and South Africa, has been steadily expanding its African footprint. The company reported record production in 2025 exceeding 10,000 barrels per day and expects additional growth as it integrates the larger Block G stake.
Kosmos, meanwhile, is sharpening its focus on core holdings in Ghana and the United States Gulf of Mexico while advancing the Greater Tortue Ahmeyim gas project offshore Mauritania and Senegal. Proceeds from the sale are expected to support debt reduction and portfolio optimization.
NJ Ayuk, Executive Chairman of the African Energy Chamber, said the agreement underscores enduring investor interest in Africa’s producing assets.
He said the expanded role for Panoro strengthens Equatorial Guinea’s production base and reflects disciplined capital allocation and regional partnerships shaping the continent’s next phase of energy development.
