Written by Upstream Wednesday, 15 February 2012 21:50
Vaalco: The US comapny is working with Sonangol to find a partner for the Block 5 project off Angola.
The government of Angola has extended a production sharing agreement between national company Sonangol and US-based Vaalco Energy to the end of 2012, the latter company has announced.
Andrew Hobbs 15 February 2012 02:50 GMT
The decision of a partner to walk out on the Block 5 project offshore Angola last year cost Vaalco $4.1 million, but the company was working with Sonangol to find a new partner willing to take a working interest in the project.
Vaalco and Sonangol were also looking into possible options involving well drilling obligations and the acquisition and reprocessing of additional 3D seismic data to further develop pre-salt leads.
Block 5 is located in the north of the Kwanza basin, with Vaalco saying it was well situated to trap pre-salt hydrocarbons which may have migrated up-dip from the deeper part of the basin.
Source: Upstreamoilonline
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