Skip to main content

Etame partners approve FSO agreements

Published by , Editor
Oilfield Technology,

Vaalco Energy, Inc. has announced that the Etame co-venturers have approved the Bareboat Contract and Operating Agreement with World Carrier Offshore Services Corp. and the agreements are now effective.

When first announced last month, Vaalco said that the new agreements to replace the existing FPSO with a Floating Storage and Offloading unit (FSO) will significantly reduce storage and offloading costs by almost 50%, increase effective capacity for storage by over 50%, and is expected to lead to an extension of the economic field life, resulting in a corresponding increase in recovery and reserves at Etame.

George Maxwell, Vaalco’s CEO, commented: “The quick approval of the Agreements by our co-venturers further solidifies the tremendous benefits of this FSO solution at Etame. We expect to have the FSO in place and operating in September 2022 prior to when our current FPSO contract expires. We will continue to maximise the value opportunities for our shareholders and look forward to beginning our next drilling campaign at Etame later this year.”

Read the latest issue of Oilfield Technology in full for free: Issue 3 2021

Oilfield Technology’s third issue of 2021 starts with a report from Wood Mackenzie focusing on the upstream industry’s fortunes in Asia-Pacific. The rest of the issue is dedicated to features covering offshore engineering, coiled tubing, frac technology, completion technologies, water management, well placement and much more.

Exclusive contributions come from Wild Well Control, Cudd Pressure Control, TMK, NOV, Archer, Tendeka, TETRA Technologies and more.

Read the article online at:

You might also like


Embed article link: (copy the HTML code below):


This article has been tagged under the following:

Upstream news Offshore news Upstream project news Oil & gas news