Continental Focus, International Reach

Vaalco Extends Time for Etame Field FPSO, Updates Ops

Tuesday, August 20, 2019

BW Offshore reported that it has received a one-year contract extension for the lease and operation of the Etame Field FPSO (Petróleo Nautipa). The FPSO is operating on the Etame field offshore Gabon for VAALCO Energy.

The firm period has been extended to Q3 2021 (from Q3 2020), with options until Q3 2022.

Vaalco reported in its second quarter results that its average net oil production out of Gabon was 3,664 bopd, slightly up from the same period of 2018, when average net production was 3,549 bopd.

During the Q2 of 2019, the Etame 4H well produced an average of approximately 350 bopd gross (95 BOPD net to VAALCO); however, in July 2019, this well stopped producing.  VAALCO is currently undertaking a technical analysis of remedial work with a view to reestablishing production.

Separately in July, the company performed an acid simulation on the N. Tchibala 2H well.  Subsequent to this work, the well would not flow naturally, and VAALCO was unable to restore production.  The company is planning to perform additional work to restore production.  During the Q2 this well produced an average of approximately 420 bopd gross (113 bopd net to VAALCO).