Does Panoro own block s offshore Equatorial Guinea?

In October 2022, Panoro reached agreement to acquire a 12% non-operated participating interest in Block S offshore Equatorial Guinea by farming-in from Kosmos Energy and Trident Energy. Each of Kosmos Energy and Trident Energy previously held a 6% participating interest.

How much energy does Equatorial Guinea use?

Electricity consumption in Equatorial Guinea in 2015 was 36 kilotonnes of oil equivalent (ktoe). The country produces all of the energy it consumes. As of 2012, renewable energy accounted for 29.2% of the final energy mix.

Why is energy in Equatorial Guinea declining?

Energy in Equatorial Guinea is an industry with plenty of potential, especially in the fields of oil and natural gas. However, production has been declining in recent years due to under-investment and lack of new discoveries. In 2022, the country produced less than 100,000 barrels of oil per day (bopd) according to OPEC data.

What is the economy of Equatorial Guinea based on?

All values, unless otherwise stated, are in US dollars. The economy of Equatorial Guinea has traditionally been dependent on commodities such as cocoa and coffee, but is now heavily dependent on petroleum due to the discovery and exploitation of significant oil reserves in the 1980s.

Does Equatorial Guinea have a balance-of-payments situation?

Equatorial Guinea's balance-of-payments situation has improved substantially since the mid-1990s because of new oil and gas production and favorable world energy prices. Exports totaled about francs CFA 915 billion in 2000 (1.25 G$US), up from CFA 437 billion (700 M$US) in 1999.

How much oil does Equatorial Guinea produce a day?

As of 2004, Equatorial Guinea was the third-largest oil producer in Sub-Saharan Africa. Its oil production had then risen to 360,000 barrels per day (57,000 m 3 /d), up from 220,000 barrels per day (35,000 m 3 /d) only two years earlier. Forestry, farming, and fishing are also major components of GDP. Subsistence farming predominates.