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.”
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Read the article online at: https://www.oilfieldtechnology.com/offshore-and-subsea/01092021/etame-partners-approve-fso-agreements/