VAALCO Energy finalizes development plan for Venus-Block P discovery offshore Equatorial Guinea

March 25, 2024

(WO) – VAALCO Energy, Inc. announced that all partners have signed the final documents and the Government of Equatorial Guinea has approved the Joint Operating agreement (“JOA”) related to the Venus-Block P Plan of Development (“POD”). The Block P Production Sharing Contract (“PSC”) provides for a development and production period of 25 years from the date of approval of the POD.

Source: VAALCO Energy

George Maxwell, VAALCO’s Chief Executive Officer, commented, “With final documents for Block P signed, we are very excited to proceed with our plans to develop, operate, and begin producing from the discovery in Block P offshore Equatorial Guinea over the next few years. We will now proceed with our Front-End Engineering Design (“FEED”) study. We anticipate the completion of the FEED study will lead to an economic Final Investment Decision, or “FID,” which will enable the development of the Venus POD.”

According to VAALCO’s website, the Venus discovery contains over 20 MMboe of gross reserves and is on track for first production in 2026.

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