VAALCO to launch Venus development as a standalone project offshore Equatorial Guinea

VAALCO Energy has announced that it has completed the feasibility study for the development of the Venus discovery offshore Equatorial Guinea’s mainland. The discovery was made back in 2005 and is located within Block P, where VAALCO farmed in in 2012. The block’s estimated ultimate recovery (EUR) is of over 20 million barrels of oil equivalent.

The company has negotiated a new amendment to the 2012 production sharing agreement and now expects to see its working interest increase to 45.9% upon approval of the Ministry of Mines and Hydrocarbons

“The company is now proceeding to a field development concept and will work closely with the other joint venture owners to complete this over the coming months,” VAALCO Energy said in a statement last month.

Once the development and production plan is approved, the PSC over Block P provides for a development and production period of 25 years.

The announcement of a new standalone development project offshore Equatorial Guinea should be good news for a country that has struggled to reverse declining output in recent years. Equatorial Guinea currently produces about 110,000 barrels of oil per day (bopd) down from 160,000 bopd in 2016 according to OPEC data.

Source: OPEC secondary sources

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