The depths of the ocean keep unfathomable secrets. Sometimes, man discovers them with effort, piercing the earth’s crust in search of hidden wealth for millions of years. In the waters of Gabon, in the Gulf of Guinea, a page of the oil history of Africa is being written. The Norwegian Panoro Energy company has announced this week a significant finding of oil in the Bourdon prospectlocated in the marine permit Dussafu.
The well, perforated at 4,135 meters deep with the Bor Norve platformhas revealed an oil column 46 meters wide, with 34 meters of ‘net oil’ in the prolific formation of the prawns. This finding reinforces the role of Gabon (also a member of the OPEC) on the African oil map. Located about 15 kilometers from the BW Adolo Floating Unit and 7.5 kilometers from the Mabomo installation, the Bourdon deposit could become the cornerstone of a new oil development cluster in the region.
John Hamilton, CEO of Panoro, said that, although there are still studies to be carried out, this finding is promising. “What is evident even at this early stage is that we have potentially established the basis for a new development center in the block, which has multiple additional perspectives and opportunities,” he said. With this discovery, the company culminates the current drilling campaign in Dussafu, which has added four important oil findings and eight new production wells at the Hibiscus/Ruche center.
This finding comes at a key moment for Gabon. The country has reached in 2024 a production of 236,000 barrels of daily oilS, a figure that has not been seen for more than a decade. The increase in production has been the result of new investments and a better exploitation of existing deposits. However, the nation aspires to further increase its production, which has generated tensions within the OPEC, to which it belongs for decades.
The importance of oil in Gabon
Oil is more than a resource in Gabon; It is a pillar of its economy. For years, the country has depended on the export of crude to finance its development, hoping to diversify its economy in the future. However, oil dependence has also been its greatest challenge, especially in times of volatility of prices and global energy crisis such as Covid pandemic, which forced a drastic reduction in production in the country that greatly reduced its income.
To this panorama is added a old territorial conflict that has gained new relevance: the dispute between Gabon and Guinea Equatorial by the Mbanié, Cocotier and Conga Islands, located in an area rich in hydrocarbons. The International Court of Justice of the Hague has begun to evaluate the case, an litigation that dates back more than 50 years ago. Equatorial Guinea argues that a treaty signed in 1900 between France and Spain supports its claim, while Gabon argues that a 1974 agreement, signed in Bata, gives it sovereignty over the islands.
Beyond legal issues, the background of the conflict is clear: access to new oil deposits in a region where crude is still the most valuable currency. Equatorial Guinea, which joined the OPEC in 2017, currently produces 55,000 barrels per day, well below the 236,000 Gabon. A favorable failure in The Hague could change the balance of power in the Gulf of Guinea, allowing either of the two countries to significantly increase its production.
A promising future for Gabon’s oil
The finding in Bourdon, however, marks a milestone. Not only does it represent the possibility of increasing Gabon production, but also opens the door to new explorations in the area. The oil industry knows that where there is a great site, there is often more to discover.
Oil, as always, continues to write the history of Africa. In the case of Gabon, the promise of a new oil boom rises from the depths of the ocean, in a column of 46 meters that could change everything.
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