The production sharing contract involves a development and production period of 25 years from the date of approval of the plan of development (POD).
VAALCO CEO George Maxwell said the company expected to begin production within a few years.
“We will now proceed with our front-end engineering design (FEED) study," he said. "We anticipate the completion of the FEED study will lead to an economic final investment decision, which will enable the development of the Venus POD."
