Petroleum Africa
Find us on: 
Monday, January 29, 2018
VAALCO Energy has announced year-end 2017 proved reserves rose to 3.0mmboe, up 15% from 2.6 mmboe at year-end 2016. The company’s 2017 proved reserve additions of 1.9 mmboe resulted in a reserve replacement ratio of 127%. VAALCO’s reserves were fully engineered by its third-party independent reserve consultant, Netherland, Sewell & Associates, Inc., who has provided annual independent estimates of VAALCO’s year-end reserves for over 15 years.
VAALCO’s proved reserves of 3.0 mmboe at December 31, 2017, consisted of 100% oil. In 2017, the company added 1.3 mmboe of reserves through reservoir performance additions and 0.6 mmboe through positive pricing revisions. Preliminary 2017 estimated production totaled 1.5mmboe. All of VAALCO’s proved reserves are proved developed and are located offshore Gabon in the Etame Marin Permit area.
Cary Bounds, CEO commented: “We are very pleased with this positive outcome for our year-end 2017 reserves. We continue to demonstrate strong reserve growth through reservoir performance and other positive revisions. We are very optimistic as we enter 2018 with increasing oil pricing, in particular Brent, and our strong commitment to operational excellence. In this improving environment we are confident in our development prospects on our offshore Gabon asset and will look for opportunities to further grow our assets and reserves.”
" alt="First LNG Realized at the Greater Tortue Ahmeyim Project">
" alt="United Energy Acquires Western Desert Producer APEX">
" alt="Baker Hughes Announces Major Gas Technology Orders for Venture Global LNG">
" alt="ReconAfrica: Naingopo Results Demonstrate a Working Petroleum System">
" alt="Tullow Highlights 2025 Operational Plans in Ghana">
" alt="TotalEnergies to Supply 1.5 TWh to STMicroelectronics in France Over 15 years">
" alt="Rockhopper Reaches Final Settlement with United on Egypt’s Abu Sennan Concession">
" alt="Oil & Gas Crucial for African Growth: AEC Calls for Industry Support to Defend African Market">
