From the Field
Vaalco in Gabon PSC extension deal
HOUSTON, September 26, 2018 – Vaalco Energy has extended its Etame PSC offshore Gabon through 2028 with two additional five-year options, the US-based independent announced on Tuesday.
Vaalco operates the Etame Marin Permit with a 33.58% stake in it and partners Addax Petroleum (33.9%), Sasol Gabon (30%) and PetroEnergy Resources (2.53%).
“Vaalco, together with the other contractor parties, are very excited to announce this extension of our exclusive exploitation authorisations in the Etame Marin Permit,” said Vaalco CEO Cary Bounds. “The extension will further strengthen our strategic partnership with the government of Gabon and ensures the long-term viability of our premier Etame asset, which has produced more than 100 million barrels of oil since inception.”