HOUSTON, Aug. 22 -- Vaalco Gabon (Etame) Inc. selected the floating production, storage, and offloading vessel Petróleo Nautipa for development of the Etame field off Gabon.
The 2-year contract is worth $30 million to its owner and operator, a joint venture of Fred. Olsen Energy ASA and Prosafe ASA, both of Norway. The contract also includes options for extension up to 3 more years.
Currently, the FPSO is working on Kiame field on Block 4 off Angola for Canadian Natural Resources Ltd., Calgary (OGJ, July 6, 1998, p. 42).
Petróleo Nautipa will demobilize from its current location next summer. It then will be upgraded at a shipyard, and installed and installed in its new location by September 2002.
The contract is subject to Gabon government approval.
Vaalco Gabon (Etame) operates the Etame consortium with a 30.35% interest. Partners are Pan African Energy Corp. Ltd., 32.5%; Sasol Petroleum International (Pty.), 30%, PetroEnergy Resources Corp., 4.5%; and Nissho Iwai Corp., 2.65%.
