New York listed junior Vaalco Energy has won approval of the Equatorial Guinea authorities move on with the development of the Venus discovery in Block P, in shallow offshore in the Rio Muni basin.
The company and its partners will spud the first development well in early 2024, and acquire, convert, and install production infrastructure over the next three years.
Vaalco and co will spud an additional development and a water injection well in 2025-26.
Venus field activities are expected to add 23.1Million barrels of oil of 2P gross reserves.
The partners expect production from the field to peak around 15,000 gross Barrels of Oil Per Day of oil upon completion of the two development wells and injector well, based on results from the initial discovery well and reservoir modeling
Vaalco is the operator (60%) of Block P, Atlas Petroleum, a Nigerian owned independent, holds a 20% participating interest, and GEPetrol has a 20% carried interest.
“The Plan of Development POD for the discovery was submitted in early March 2023 and swiftly approved by the Ministry of Mines and Hydrocarbons of Equatorial Guinea”, the partners say in a release.
Located in Block P, Venus was discovered in 2005, but it was considered rather marginal for fast track development.