Sun. Apr 14th, 2024

Independent energy company Vaalco Energy has joined the African Energy Week (AEW): Invest in African Energy conference as a platinum sponsor, showcasing the company’s vision for driving exploration and production in Africa.

With plans to double crude oil production to over 50,000 barrels per day by 2027, Vaalco Energy has producing assets offshore Gabon and Equatorial Guinea and onshore Egypt. AEW 2024: Invest in African Energy – taking place November 4-8 – is poised to facilitate this strategy while providing insight into the company’s ongoing projects and planned developments for tapping into Africa’s hydrocarbons resource base.

AEW: Invest in African Energy is the platform of choice for project operators, financiers, technology providers and government, and has emerged as the official place to sign deals in African energy. Visit www.AECWeek.com for more information about this exciting event.

Vaalco Energy revealed its plans in July last year to extend its contract of Borr Drilling’s – an international jack-up drilling contractor – Norve rig for further operations in Gabon’s offshore. Meanwhile, the company received the green light to push ahead with its $30 million Venus project offshore Equatorial Guinea after nabbing a final development approval from the country’s government in March 2023.

Following Vaalco Energy’s merger with Egypt-focused oil and gas exploration and development company TransGlobe Energy Corporation, the company is well-positioned to drive frontier exploration in one of Africa’s most sought-after petroleum regions. Vaalco Energy’s interests in Egypt are spread across two regions: the Eastern Desert, where the company participates in the West Gharib, West Bakr and Northwest Gharib merged concessions, and the Western Desert.

Meanwhile, in Gabon, the company operates primarily in the offshore Etame Marin block. Since its inception, the block has produced more than 120 million barrels of crude oil, while its remaining reserves currently stand at an estimated 113 million barrels. The block was first spud by Vaalco Energy in 2022 and served the company’s strategy to increase crude production at the Etame field through two well workovers while extending the life of the field through the discovery of more hydrocarbons.

Vaalco Energy has played an instrumental role in expanding West and North Africa’s upstream market, leading ambitious exploration campaigns that have positioned the region as a highly attractive play. The company has also become a partner of choice for many resource-rich nations, driving investment and opportunities on the back of oil and gas investment and development.

“By taking a chance in frontier markets and adhering to their commitment towards driving investment in African hydrocarbon industry, Vaalco Energy has become one of the most prominent exploration players on the continent,” states NJ Ayuk, Executive Chairman of the African Energy Chamber. “Their participation as a platinum sponsor at this year’s event will not only inspire other independents to participate in African oil, but showcase the success of companies who look at Africa’s frontier basins and see opportunity.”

AEW 2024: Invest in African Energy takes place under a mandate to make energy poverty history by 2030 and promotes investment across the entire African energy value chain. The conference offers a diverse lineup of panel discussions, presentations, investor briefings and project profiles, all of which aim to connect capital and technology with African projects. Visit www.AECWeek.com to secure your place at the largest energy event to take place on the continent.

Distributed by APO Group on behalf of African Energy Chamber.

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