Offshore staff
HOUSTON – VAALCO Energy has confirmed it is in discussions to acquire Svenska Petroleum Exploration.
Svenska’s main asset is a 27.39% interest in Block CI-40, offshore Cote d’Ivoire, with current net production of around 4,500 boe/d.
If the board accepts VAALCO’s offer, it would likely be a cash transaction, But the takeover would also be subject to regulatory and government approvals.
The block, operated by Canadian Natural Resources, contains the producing Espoir and Baobab fields, with Baobab’s production handled by an FPSO owned and operated by MODEC.
02.27.2024
