VAALCO proceeding with Venus oil project offshore Equatorial Guinea
Sept. 26, 2022
VAALCO Energy has secured approval from Equatorial Guinea’s government for its development plan for the Venus Field in offshore Block P.
Courtesy VAALCO Energy Inc.
Offshore staff
HOUSTON —VAALCO Energy has secured approval from Equatorial Guinea’s government for its development plan for the Venus Field in offshore Block P.
Following execution of final documents, the company will start work on the project, which is targeting 23.1 MMbbl of resources and first oil in 2026. There could be future upside with the Europa development and exploration potential in the Saturno and Southwest Grande prospects.
Courtesy VAALCO Energy Inc.'s "Equatorial Guinea POD Approval Supplemental Presentation" September 2022
For Venus, VAALCO plans to spud the first development well in early 2024 as well as acquire, convert and install production facilities over the next three years. It also expects to spud an additional development and a water injection well in 2025/2026.
Over the next three years, the company will acquire, convert and install production facilities, and it plans to spud the first development well on Venus in early 2024, followed by a second development well and a water injector in 2025/26. VAALCO estimates the overall costs at about $310 million.
Based on results from the initial discovery well and reservoir modeling, output should reach about 15,000 bbl/d of oil on completion of all three wells.
VAALCO has an 80% operated interest in Block P, with state oil company GEPetrol holding a 20% carried interest. The PSC terms allow for a 25-year development and production period.
