Norway-based oil company Panoro Energy has signed an agreement to acquire a majority stake in Equatorial Guinea’s offshore Block G, a move that strengthens its position in the West African nation’s oil sector and adds significant reserves to its portfolio.
Under the deal announced on February 24, Panoro will acquire Kosmos Energy’s 40.375 percent non-operated interest in Block G, which includes the producing Ceiba field and the Okume Complex. The acquisition will raise Panoro’s stake from 14.25 percent to 54.625 percent, making it the block’s largest shareholder ahead of operator Trident Energy, which will hold 40.375 percent, while state-owned GEPetrol retains five percent.
The transaction has an economic effective date of January 1, 2025, and is expected to close in the third quarter of 2026, pending regulatory approvals from the Central African Economic and Monetary Community and other customary conditions.
Panoro has agreed to pay $180 million upfront for the stake, with a potential deferred payment of up to $39.5 million based on production and oil price thresholds between 2027 and 2029. The acquisition adds approximately 46 million barrels of proved and probable reserves (2P) and 29 million barrels of contingent resources (2C). Net production attributable to the acquired stake averaged 8,271 barrels per day in 2025. Panoro said it aims to reach 20,000 barrels per day in net group production by 2027.
To finance the purchase, the company launched a private placement of nearly 20 million new shares and plans to raise an additional $150 million through a previously arranged secured bond facility.
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Panoro’s move is part of a broader expansion strategy in Equatorial Guinea. In February 2023, the company secured a 56 percent interest and operatorship over offshore EG-01, located near Blocks G and S, through a production-sharing contract with the government.
In April 2024, Panoro signed a heads of agreement with the government for the offshore EG-23 block, and by November 2024 had formalized the deal with a production-sharing contract covering roughly 600 square kilometers. Panoro holds an 80 percent stake alongside GEPetrol. Nineteen wells have previously been drilled on EG-23, resulting in seven hydrocarbon discoveries, according to authorities.
Panoro’s acquisitions reflect a wider trend of smaller international oil firms increasing stakes in West Africa’s offshore resources, as major producers such as ExxonMobil and Total scale back exploration in the region. Analysts say the moves allow companies like Panoro to consolidate production, gain operational control, and benefit from growing oil demand in global markets.
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Block G is considered a high-value asset due to its mature producing fields and proximity to existing infrastructure, which reduces the development risk and costs for Panoro. The company said the acquisition strengthens its position in Equatorial Guinea and will allow it to leverage synergies across its other blocks.
Equatorial Guinea, the third-largest oil producer in Sub-Saharan Africa, relies heavily on offshore oil for government revenues. Analysts expect that deals such as Panoro’s will support production growth while providing the government with increased foreign investment and development funding.
Panoro Energy, headquartered in Oslo, has focused on selective investments in West Africa’s oil sector, combining acquisitions with active exploration and development programs. With Block G and its other assets, the company is well positioned to grow production over the next decade, contributing to the region’s energy output and generating returns for shareholders.
