VAALCO advances Venus development offshore Equatorial Guinea with JOA

March 25, 2024
VAALCO Energy's joint operating agreement for the Venus-Block P plan of development has been approved by the Government of Equatorial Guinea. 

VAALCO Energy Inc.'s joint operating agreement (JOA) for the Venus plan of development (POD) in Block P has been approved by the Government of Equatorial Guinea. 

In a release Mar. 25, the company said all partners have signed the final documents of the JOA, and that the company will  move to develop, operate, and produce from the block over the next few years. Discoveries on the block were made by Devon, a prior operator-owner.

A front-end engineering design (FEED) study is set to begin soon, and its completion is expected to lead to a positive final investment decision to develop the project, said George Maxwell, chief executive officer.

The Block P production sharing contract provides for a 25-year development and production period from the date of approval of the POD, which occurred in 2022 (OGJ Online, Sept. 26, 2022).

Vaalco is operator of the block with 60% interest. Partners are state-owned GEPetrol and Atlas Petroleum International Ltd.