Dallas-based American explorer Kosmos Energy has agreed to sell its 40.375% non-operating interest in the Ceiba Field and Okume Complex in Block G offshore Equatorial Guinea to independent E&P company Panoro Energy for up to $219.5 million. The transaction includes $180 million upfront and up to $39.5 million in contingent payments, with closing expected in mid-2026 pending final approval by the Central African Economic and Monetary Community.
As the voice of the African energy sector, the African Energy Chamber (AEC) welcomes the transaction as a strong vote of confidence in Equatorial Guinea’s upstream sector. By increasing its stake in mature producing assets, Panoro Energy is reinforcing long-term production capacity while supporting capital recycling. For the AEC, the deal reflects the kind of pragmatic asset optimization that strengthens African operatorship and sustains investment momentum across the continent.
Under the agreement, Panoro Energy will acquire the Kosmos Energy subsidiary holding the Block G stake, lifting its total interest to 54.625%. The fields – Ceiba and the Okume Complex – have been core producers since 2000 and 2006, respectively. The structure aligns incentives through production- and price-linked earnouts, while enabling Kosmos Energy to accelerate debt reduction and focus on higher-return assets in Ghana and the U.S. Gulf of Mexico.
The Ceiba Field and Okume Complex together form a meaningful producing footprint offshore Equatorial Guinea. Historically, the assets have delivered roughly 30,000-35,000 barrels per day (bpd) and cumulative production of several hundred million barrels since first oil, supported by established infrastructure including such as the Sendje Ceiba FPSO and multiple platforms and subsea wells. Recent drilling and infill development continues to underpin output potential and extend field life toward the production sharing contract expiry of 2040.
The transaction comes at a pivotal time for Equatorial Guinea, where crude output has declined from its 2010 peak. As such, the country is now advancing a gas-driven strategy through initiatives such as the Gas Mega Hub and upcoming EGRonda 2026 licensing round. Continued investment in Block G supports near-term oil stability while complementing broader efforts to reposition the country as a regional gas processing hub.
Panoro Energy’s growing footprint across Africa – including assets in Gabon, Tunisia and South Africa – positions it as a committed regional independent. The company reported record 2025 production exceeding 10,000 bpd and expects further growth as it consolidates Block G. Kosmos Energy, meanwhile, maintains a significant Atlantic Margin portfolio including Ghana’s Jubilee and TEN fields and the Greater Tortue Ahemyim gas project offshore Mauritania and Senegal.
“This transaction demonstrates that Africa’s producing assets continue to attract serious capital and long-term operators,” says NJ Ayuk, Executive Chairman, AEC. “Panoro’s expanded role in Block G strengthens Equatorial Guinea’s production base and sends a clear signal that disciplined investment, regional partnerships and asset optimization are driving the next chapter of African energy development.”
