VAALCO Energy has received the approval of the Government of Equatorial Guinea on the Venus joint operating agreement post signing of the final documents by all partners involved
The previously approved Venus-Block P Plan of Development has received further official approval for an extension on the Block P production sharing contract (PSC) that provides for a development and production period of 25 years from the date of approval of the POD.
Anticipating FID
George Maxwell, VAALCO’s CEO, said, “With final documents for Block P signed, we are very excited to proceed with our plans to develop, operate, and begin producing from the discovery in Block P offshore Equatorial Guinea over the next few years. We will now proceed with our front-end engineering design (FEED) study. We anticipate the completion of the FEED study will lead to an economic final investment decision (FID) which will enable the development of the Venus POD. Over the past two years, we have greatly diversified our portfolio, which has expanded our ability to generate operational cash flow, all while growing our cash position and remaining bank-debt free. The Block P development will further enhance our portfolio by adding yet another strong producing asset to VAALCO’s global portfolio. VAALCO is well placed to execute our projects in our enhanced portfolio, and has a proven operating track record for a development of this type.”
