Vaalco Energy to get acreage around Etame field off Gabon

Gabon officials approved the creation of a production area surrounding Etame field for Vaalco Energy Inc., Houston, within Etame block off Gabon. The 50 sq km production area will become effective upon the issuance of a government decree next month, entitling the Vaalco-led consortium to develop Etame field. The block holds a 3,700 b/d oil discovery drilled in 1998.


By the OGJ Online Staff

HOUSTON, May 23 -- The Directorate General of Hydrocarbons in Gabon approved the creation of a production area surrounding Etame field for Vaalco Energy Inc., Houston, within Etame block off Gabon.

The 50 sq km production area will become effective upon the issuance of a government decree next month, entitling the Vaalco-led consortium to develop Etame field. The block covers 3,0000 sq km and holds a 3,700 b/d oil discovery drilled in 1998 (OGJ, June 28, 2000, p. 40).

The production-sharing contract for Etame block allows the block to be held for up to 20 years as long as commercial production is ongoing.

The Etame 4 well was spudded May 13 to delineate Etame Field's Gamba and Dentale reservoirs. Production could start later this year or in early 2002.

Vaalco Gabon (Etame) Inc. operates Etame Block with 30.35% interest. Partners are Sasol Petroleum International (Pty) Ltd. 30%, PanAfrican Energy Corp. Ltd. 32.5%, PetroEnergy Resources Corp. 4.525%, and Alcorn Gold Resources Corp. 2.625%.

More in Discoveries