This is the first of four development wells the rig is contracted to drill, with options for further wells.
VAALCO’s target is to increase the field’s oil production by 7,000-8,000 b/d. It estimates the cost of the campaign at $117-143 million.
Last December, a 1,000-sq km (386-sq mi) dual-azimuth 3D seismic survey concluded over the Etame Marin block, and results are helping to optimize the drilling locations.
In addition, the company is using the data to de-risk planned and potential future drilling locations.
At block P offshore Equatorial Guinea, VAALCO has completed a feasibility study of a standalone production development for the Venus discovery, and will now work on a field development concept with the other partners.
The production-sharing contract covers a 25-year period from the date of approval of a development/production plan.
