Vaalco selects FPSO for development of Etame field

Vaalco Gabon (Etame) Inc. selected the floating production, storage, and offloading vessel Petróleo Nautipa for development of the Etame field off Gabon. The 2-year contract is worth $30 million to its owner and operator, a joint venture of Fred. Olsen Energy ASA and Prosafe ASA, both of Norway.

By the OGJ Online Staff

HOUSTON, Aug. 22 -- Vaalco Gabon (Etame) Inc. selected the floating production, storage, and offloading vessel Petróleo Nautipa for development of the Etame field off Gabon.

The 2-year contract is worth $30 million to its owner and operator, a joint venture of Fred. Olsen Energy ASA and Prosafe ASA, both of Norway. The contract also includes options for extension up to 3 more years.

Currently, the FPSO is working on Kiame field on Block 4 off Angola for Canadian Natural Resources Ltd., Calgary (OGJ, July 6, 1998, p. 42).

Petróleo Nautipa will demobilize from its current location next summer. It then will be upgraded at a shipyard, and installed and installed in its new location by September 2002.

The contract is subject to Gabon government approval.

Vaalco Gabon (Etame) operates the Etame consortium with a 30.35% interest. Partners are Pan African Energy Corp. Ltd., 32.5%; Sasol Petroleum International (Pty.), 30%, PetroEnergy Resources Corp., 4.5%; and Nissho Iwai Corp., 2.65%.

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