Project Profile

Value: US$181 million
Location: Etame Marine License in the northern section of the Congo Basin offshore southern Gabon
Area: 3,074 square kilometres
Start-up Year: 2002
Water Depth: 250 ft/ 76m
Production: 1,850 barrels of oil per day (Avouma 2-H, August, 2016)

Situated in a water depth of 250 feet (76 metres), the Etame field lies within the Etame Marine License in the northern section of the Congo Basin offshore southern Gabon. In July 1995, VAALCO Energy was awarded the Etame Marine permit, which encompasses 3,074 square kilometres in the northern basin. Etame was discovered in January 1998 by the Etame-1 well, followed by appraisal drilling in January 1999 by the Etame-2 well, which was deemed non-commercial. The operator then decided to delay further drilling on the field in order to reprocess seismic data. Two years later, Vaalco Energy horizontally drilled Etame-3 and Etame-4, which flowed at a rate of 7,600 bopd and 9,800 bopd, respectively.

With the successful testing, the consortium deemed the find commercial in 2010. In total, the field is estimated to hold 23 million barrels of proven and probable oil reserves. While development drilling was ongoing in the license, the consortium explored the greater area and discovered the Avouma, South Tchibala, and the Ebouri fields. The Avouma and South Tchibala fields are located about 10 miles (16 kilometres) southwest of the Etame field. Successfully drilled in July 2004, the fields were developed by two wells (one in each field), connecting to a fixed platform and the Petroleo Nautipa FPSO. The Avouma field commenced production in 2007, averaging at a rate of 3,180 bopd. Ebouri - Located about 7 miles (11 kilometres) to the northwest of the Etame field, the Ebouri field was discovered in January 2004. The discovery well encountered about 48 feet (15 metres) of net oil pay in the Gamba sandstone. In August 2008, a fixed platform was installed, which was tied-back via pipeline to the FPSO. Two development wells were drilled from the platform -- the first well began production in January 2009, and the second well came online in April 2009. The field produces about 1,500 bopd. Additionally, the license contains one undeveloped find (North Tchibala), and several unappraised oil discoveries and identified prospects.


Operators:

VAALCO Gabon Etame: Operator with 31.08% (working interest), 33.58% (participating interest)

Addax Petroleum: 31.36% interest

Sasol Petroleum Australia Limited: 27.75% interest

PetroEnergy Resources Corporation: 2.34% interest

Tullow Oil Gabon: 7.5% interest


Contractors:


BW Offshore: 100% ownership of the FPSO Petroleo Nautipa. Petroleo Nautipa is operating for Vaalco Energy in Gabon under a firm charter contract until Q3 2020, with options for additional two years.


EMAS AMC: EPIC of rigid pipelines along with the transportation and installation of flexible pipelines and two fixed production platforms

Gulf Island Fabrication: Fabrication of two 4-pile jackets and associated topsides

Global Industries

KCA Deutag: Drilling using KCA Deutag \'Ben Rinnes\' rig

McDermott: Design, engineering and procurement contract

Tinworth Limited: Employment of FPSO Petróleo Nautipa

Large Diameter Drilling (LDD) (an Acteon company): Installation of drilled and grouted piles, including drilling, grouting, lifting and handling

Transocean: Drilling contract using the Transocean \'Constellation II\', which was mobilized to drill additional development wells from the Southeast Etame/N. Tchibala (\'SEENT\') platform