Vaalco gets green light in Equatorial Guinea block

HOUSTON, March 26, 2024 – Houston-based Vaalco Energy has received final approval from the government of Equatorial Guinea for its Venus plan of development in offshore Block P, the company announced on Monday.

All partners have signed the final documents and Vaalco will soon proceed with a FEED study prior to taking the FID that will lead to the execution of its plan of development for the asset, which has a development and production period of 25 years from the date of approval.

Work plans call for two development wells and a water injection well. First oil production is anticipated in H2 2026 and Vaalco expects production from the field to reach approximately 15,000 boepd.

Vaalco CEO George Maxwell said, “The Block P development will further enhance our portfolio by adding yet another strong producing asset. Vaalco is well placed to execute and has a proven operating track record for a development of this type.”

The Venus discovery was first made in 2005 by Devon Energy. Block P covers an area of 1,253 square kilometres in the Rio Muni basin in shallow water close to the coast, and is estimated to hold reserves of more than 20 million boe. Vaalco has a 45.9% working interest in the asset.

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