Vaalco targets first oil in mid-to-late 2026
Vaalco project set to boost Equatorial Guinea’s upstream
Houston-based independent plans to start oil production in the country in 2026
US independent Vaalco and state-owned partner GEPetrol have received approval from the government of Equatorial Guinea for their plan of development for the Venus field in the country’s offshore block P. Vaalco will operate Venus with an 80pc stake, while GEPetrol owns the remaining 20pc. The partners submitted their plans in July. The other stakeholder in the block P joint venture, Nigerian independent Atlas Petroleum International, opted not to participate in the Venus plans. Vaalco is targeting first oil in “mid-to-late 2026”, and says Venus adds 23.1mn bl in 2P gross reserves. The developers plan to spud Venus’ first development well in early 2024 and “acquire, convert and install produc
Also in this section
16 April 2026
Demand for oil is falling because supply cannot meet it, not because it is no longer required
16 April 2026
The continent has an immediate opportunity to make the most of its energy resources by capturing gas that is currently slipping away
15 April 2026
The continent is seeing political pushback to climate plans, corporate reassessment of transition goals and rising supply risk in a fractured global order
15 April 2026
The Middle East energy crisis may turn out to be pivotal to the industry’s long-term expansion, but significant challenges still stand in its way
