Panoro Energy ASA announced today that Gabon’s Direction Général de Hydrocarbures (DGH) has approved their plan to develop the Ruche cluster of offshore oil fields in the Dussafu Marin block.
The company says that 33.4 million barrels of oil is commercially recoverable and their final development plan is to conduct development drilling and then tie their subsea wells back to an FPSO located in the Ruche A discovery.
Panoro Energy notes that the final investment decision for their plan will be made in early 2015. Based
on the project schedule, production is expected to start in Q4-16, Front End Engineering Design (FEED) studies which are currently underway.
Recent seismic survey operations have shown potential for additional recoverable reserves in excess of 100 million barrels.
Panoro Energy holds a 33.33% stake in the Dussafu Marin permit. The permit is operated by Harvest Dussafu, B.V. an affiliate of Harvest Natural Resources, Inc.