Etame Oil Production Commences
VAALCO Energy today provided an update on its horizontal development well (ET-7H) in a known separate fault block in the Etame field and on its exploration well (ETOMG-1) on the Omangou prospect, both wells located offshore Gabon.
The Company has laid and connected production, service and gas lift lines between the sub-sea tree and the Company's floating production, storage and offloading ("FPSO") facilities. The sub-sea work on the ET-7H development well was completed earlier than previously anticipated. Oil production from the well estimated at 3,600 barrels per day commenced on December 4th, 2010, and on December 7th, 2010 VAALCO's total production offshore Gabon was reported to be 24,037 barrels per day.
The ETOMG-1 exploration well was drilled to a depth of approximately 8,670 feet to evaluate both the Gamba and Dentale sand reservoirs. The reservoirs were encountered but were discovered to be water-bearing. Accordingly, the well will be logged, plugged and abandoned.
In late November, 2010 the Company completed its 110th lifting totaling 772,601 barrels. This is the third largest lifting volume since inception of operations in 2002. The Company's last lifting of the year is scheduled for the end of December.
The Company's subsidiary VAALCO Gabon Etame, Inc. operates the Etame Marin Permit in which it holds a 28.07% net interest in the Etame Field. Other participants in the permit are Sinopec Group (31.36%) through its subsidiary, Addax Petroleum Etame Inc., Sasol Petroleum Etame Limited (27.75%), Sojitz Etame Limited (2.98%), PetroEnergy Resources Corp. (2.34%) and Tullow Oil Gabon SA (7.5%).
- UK Offshore Energy Calls for Labour Party Meet
- Aker BP's 1.07 Bboe North Sea Projects Get Parliament Nod
- Coal Getting Cheaper in China Despite Heat-Induced Demand Surge
- Two Main Forces Have Come Together to Pull Down Commodity Prices
- Distillate Crack Spreads Return to February 2022 Levels: EIA
- Mitsubishi Shipbuilding Eyes to Fuel Sea Transport with Ammonia
- Gas South Inks Plumbing Deal for Its Consumers
- Saudi Oil Cut Risks Leaving Bitter Taste for Budget
- Americas Exploration Heats Up
- Further OPEC+ Production Cuts Are Still on the Table
- Saudi to Cut Output by 1MM BPD in Solo OPEC+ Move
- Data Science is the Future of Oil and Gas
- India to Boost Renewables Capacity, Avoid New Coal Plants
- Kinder Morgan to Expand Gas Capacity at Texas Gulf Coast Facility
- USA Steel Major Taps ExxonMobil for Carbon Capture
- Aramco Holds Talks with Turkish Firms on $50B Planned Projects
- Saudis Remind Global Oil Market Who is King
- What Do Latest OPEC+ Moves Mean?
- Hourly Pay for Shale Workers Tops $43
- Which Generation Is Most in Demand in Oil, Gas Right Now?
- Who Is the Most Prolific Private Oil and Gas Producer in the USA?
- USA EIA Slashes 2023 and 2024 Brent Oil Price Forecasts
- BMI Reveals Latest Brent Oil Price Forecasts
- Is There a Danger That Oil and Gas Runs out of Financing?
- BMI Projects Gasoline Price Through to 2026
- What Will World Oil Demand Be in 2023?
- North America Rig Count Reduction Rumbles On
- What New Oil and Gas Jobs Will Exist in the Future?
- What Does a 2023 USA Recession Mean for Oil and Gas in the Country?