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Offshore installation

Vaalco, IOCs prepare Equatorial Guinea push

HOUSTON, November 8, 2018 – Vaalco Energy is in talks with the Equatoguinean government to resume work in offshore Block P next year, the US-based independent announced late on Wednesday.

 

The news came as Equatorial Guinea expects IOCs including ExxonMobil and Kosmos Energy to invest a total of USD 2.4 billion in its oil and gas industry in 2019, according to a Bloomberg report earlier this week.

Vaalco acquired a 31% stake in Block P in 2012 and was to assist operator GEPetrol (58.4%) closely alongside partners Atlas Petroleum (5.6%) and Crown Energy (5%), but plans to develop the licence stalled.

“The Block P interest is currently in suspension, and the company is working with the Ministry of Mines and Hydrocarbons to lift the suspension by the end of 2018,” Vaalco said. “Vaalco and its joint venture owners are evaluating the timing and budgeting for development and exploration activities under a development and production area in the block, including the approval of a development and production plan.”

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