Vaalco project set to boost Equatorial Guinea’s upstream
Houston-based independent plans to start oil production in the country in 2026
US independent Vaalco and state-owned partner GEPetrol have received approval from the government of Equatorial Guinea for their plan of development for the Venus field in the country’s offshore block P. Vaalco will operate Venus with an 80pc stake, while GEPetrol owns the remaining 20pc. The partners submitted their plans in July. The other stakeholder in the block P joint venture, Nigerian independent Atlas Petroleum International, opted not to participate in the Venus plans. Vaalco is targeting first oil in “mid-to-late 2026”, and says Venus adds 23.1mn bl in 2P gross reserves. The developers plan to spud Venus’ first development well in early 2024 and “acquire, convert and install produc
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