Ezanga

Ezanga Oil and Gas Field Profile

Location and Geology

• The Ezanga Oil and Gas Field is located offshore Gabon, with the exact coordinates being -3.9623, 10.5426 (WGS 84).
• The field is part of the Ezanga Complex, which consists of eight fields: Onal, Maroc North, Maroc, Gwedidi, Omko, M’bigou, Ezmab, and Ezni.

Geological Formations

• The main reservoir rocks for the Ezanga fields are the Grès de Base and Kissenda formations. The Grès de Base formation is the primary reservoir for the western to north-western pools (Onal, M’bigou, Gwedidi, and Ezmab), while the Kissenda Formation is the main reservoir for the eastern and south-eastern fields (Maroc N, Maroc, Omko, and Ezni).

Ownership and Operation

• The Ezanga Oil and Gas Field is operated by Maurel & Prom (M&P). The ownership is divided between PT Pertamina (80.0%) and Tullow Oil (7.5%).

Production Details

• The Ezanga Complex commenced oil production in 2009. As of the latest data, there are 143 active wells in the fields, including 100 producers and 43 water injectors. The oil is processed at a central facility at Onal and exported via two routes, requiring heating to manage high wax appearance temperatures.
• The crude oil produced has an API gravity ranging from 32 to 37 degrees, with viscosities between 1.8 and 6 cP. The main drive mechanisms for production are water injection assisted by artificial lift.

Current Production and Reserves

• As of the first nine months of 2024, M&P's working interest oil production on the Ezanga permit was 15,832 barrels of oil per day (bopd), a 1% increase from the same period in the previous year.
• The field has recovered approximately 55.42% of its total recoverable reserves. Peak production was achieved in 2016, and based on economic assumptions, production is expected to continue until the field reaches its economic limit in 2067.

Infrastructure

• The oil from the Ezanga fields is tied back to a central processing facility at Onal. The processed oil is then exported via two routes.

Economic and Operational Outlook

• The Ezanga Permit Fields currently account for about 10% of Gabon’s daily oil output.
• The field's economic life is projected to extend until 2067, based on current production rates and reserve estimates.
• Recent adjustments to the Production Sharing Contract (PSC) for the Ezanga permit include an extension of the associated exploration licence from 2026 to 2029, as part of a comprehensive agreement signed with the Gabonese Republic.

Financial and Development Aspects

• Maurel & Prom has made significant investments and adjustments in the field, including social investment programs and settlements with tax authorities. The company also acquired the Etekamba permit, which includes several gas discoveries and prospects, further expanding their exploration and production portfolio.
• The financial position of Maurel & Prom indicates a net debt position of $2 million as of September 2024, with available liquidity of $238 million, including an undrawn revolving credit facility (RCF) tranche of $67 million.

Challenges and Drive Mechanisms

• The production at Ezanga is challenged by the waxy nature of the crude, requiring heating for export. The main drive mechanisms are water injection assisted by artificial lift.

In summary, the Ezanga Oil and Gas Field is a significant oil-producing asset offshore Gabon, operated by Maurel & Prom, with a substantial contribution to Gabon's oil output and a projected economic life until 2067. The field's production is supported by advanced infrastructure and drive mechanisms to manage its challenging reservoir characteristics.