Vaalco Energy Inc. has agreed with Tinworth Pte. Ltd. to increase oil production in Gabon plus extend the contract of the FPSO to 2015.
Offshore staff
HOUSTON –Vaalco Energy Inc. has agreed with Tinworth Pte. Ltd. to increase oil production in Gabon plus extend the contract of the FPSO to 2015.
The FPSOPetroleo Nautipa operates on the Etame Marin concession.
"It's a win-win agreement for both parties," says Robert L. Gerry III, chairman and CEO of Vaalco. "The consortium will pay for certain upgrades to the FPSO's water treatment capacity to allow us to gradually increase production primarily from the Avouma / S. Tchibala fields. While complete installation of the upgrade will not be finished until late 2008, we will begin increasing production in the near term."
Total value of the agreement is estimated at $40 million.
