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Monday, August 11, 2014
VAALCO Energy saw the execution of its near- and long-term optimization of production offshore Gabon continued during Q2. In April the drilling of a development well in the South Tchibala field commenced. The well was drilled to replace a well with a damaged casing. The well was successfully brought on production in May 2014. Today the well is producing approximately 1,400 bpd of oil. This well marked the final development well of the eight-well drilling campaign offshore Gabon that began in late-2012.
The company’s planned installation of two production platforms for the additional development of the Etame Marin block remains on schedule for later in 2014, with one platform being installed in the Etame field and the second platform being installed between the Southeast Etame and North Tchibala fields. The first platform jacket arrived in Gabon in July and has been successfully positioned on the seabed in the Etame field.
The second platform jacket has arrived in Gabon and is scheduled for installation in August and currently the deck sections are being towed to Gabon. The deck sections are scheduled to arrive in September. Transocean’s Constellation II jack-up rig has been contracted to begin drilling development wells from the two new platforms beginning in Q4.
The owner/operator of the company’s leased FPSO will implement a planned six-day shutdown in late-August to upgrade the gas detection and fire systems. The upgrade projects aboard the FPSO will require VAALCO to shut-in production from the block during this period.
Onshore Gabon, VAALCO and its concession partner, Total Gabon, continue to work with the government to obtain approval of a revised PSC. All three parties reached agreement and signed a term sheet outlining the variable components that will feature in the new contract. Once the contract is approved, the plan of development will then be submitted.
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