Houston-based Vaalco Energy has received approval for its plan of development (POD) for a discovery oil well located offshore in Block P of Equatorial Guinea.
The U.S. firm is planning to bring this project on stream in 2026.
Vaalco’s Chief Executive Officer, George Maxwell, disclosed this in a statement released on the company’s website on Monday.
Announcing the government of Equatorial Guinea’s approval, Maxwell said upon the execution of final documents, it would proceed directly to project execution which targets the first oil in 2026 and adds 23.1 million barrels of oil (MMBO) of 2P CPR gross reserves, and 18.5 MMBO of 2P CPR working interest (WI) reserves (16.2 MMBO net 2P reserves).
In his words, “With the approval of the POD, and upon execution of final documents, we are very excited to proceed with our plans to operate, develop and begin producing from our discovery at Block P in Equatorial Guinea over the next few years. We have a strong and highly economic plan of development in place and are looking forward to working with our carried partner GEPetrol and the Equatorial Guinea government in efficiently developing this exciting discovery.”
But Vaalco, as the operator has an 80% participation interest in the project.
Recall that Vaalco had On July 15, 2022, on behalf of itself and Guinea Ecuatorial de Petroleós (“GEPetrol”), submitted a plan of development for the Venus development in Block P.