Gabonese incentives reform pays off

An enhanced regulatory and fiscal framework appears to be attracting IOC and NOC exploration interest

Newly appointed Gabonese hydrocarbons minister Noel Mboumba will point to evidence that the recent petroleum code overhaul is rebuilding investor confidence when he embarks on a promotional drive.  Houston-based West African producer Vaalco said in late August that it was expecting delivery in early September of a jack-up rig to commence a its 2019-20 drilling campaign. The firm plans to drill first an appraisal well, followed by a development well, at its Etame field, promising a further appraisal well and up to two more development wells later this year and early next. The firm also extended its lease contract for its Gabonese floating, production, storage and offloading (FPSO) vessel to S