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Finding a new source of oil is always a landmark moment for fuel companies, and this is no different for Panoro Energy ASA, which recently made an oil discovery close to Gabon.

The independent Norweigan oil Exploration and Production firm revealed it found the fuel on the Dussafu Marin Permit, offshore Gabon.

In a statement, Panoro Energy said: “[We are] pleased to announce that the Hibiscus Updip well (“DHIBM-1”), currently being drilled on the Dussafu Marin Permit offshore Gabon, has encountered hydrocarbons.”

It went on to say: “Logging operations and evaluation of the oil discovery are currently underway, following which Panoro expects a side-track of DHIBM-1 to be drilled. Further updates will be provided following completion of these activities.”

Following the discovery, the organisation revealed it has drilled on the Hibiscus Updip project and managed to reach a depth of 3,538 metres.

It was added the oil discovery in the Gamba formation has been found to have an overall hydrocarbon column of 33 metres while offering average porosities of between 21 and 23 per cent.

A spokesperson for the company said these results are “highly encouraging”, before adding that the discovery may be bigger than anticipated and could provide more than the 12 million barrels of oil that was previously estimated.

This comes after Eni made a new oil discovery off the shore of Angola, with the well potentially containing 250 Mmbbl of light oil, reported World Oil.

Electron beam services are important for oil exploration and discoveries – to find out more, get in touch with us today.