Houston-based oil and fuel firm Vaalco Energy has accomplished the acquisition of recent proprietary 3D seismic information over your entire Etame Marin block offshore Gabon.
Vaalco Energy acquired almost 1,000 sq. kilometers of dual-azimuth 3D seismic information at Etame Marin block which will probably be used to optimize and de-risk future drilling areas and doubtlessly determine new drilling areas, the corporate stated.
The work can even assist improve sub-surface imaging by
merging legacy information with newly acquired seismic, permitting for the primary
steady 3D seismic over your entire block.
The processing of the seismic information is anticipated to start in
January 2021, with all information anticipated to be absolutely processed and analyzed by the
fourth quarter of 2021, based on Vaalco Energy.
The estimates of the entire prices of each the acquisition and
processing of seismic information are at roughly $14 to $16 million gross over
the interval from This autumn 2020 by means of This autumn 2021, based on Vaalco Energy, which stated
it expects to totally fund its portion with money available and money from operations.
Vaalco Energy additionally revealed it plans to begin the following
drilling marketing campaign at Etame in late 2021 or early 2022.
Cary Bounds, Chief Executive Officer at Vaalco Energy, stated: “Over the previous 20 years, we’ve capitalized on the numerous useful resource potential at Etame by growing the last word restoration from the preliminary estimate of 30 million gross barrels of oil to 147 million gross barrels of oil on a 2P foundation.
“Looking forward, our new 3D seismic survey is a crucial instrument in serving to us unlock the remaining 116 million gross barrels of oil reserves and sources recognized on the license.
“The new seismic information will assist us to optimize each location that we plan to drill and doubtlessly determine new areas so as to add to our drillable stock.
“Additionally, our latest announcement of the acquisition of Sasol’s curiosity at Etame mixed with the brand new Three-D seismic survey underscore our confidence within the long-term potential at Etame”.
The submit Vaalco concludes 3D seismic survey offshore Gabon appeared first on Offshore Energy.