VAALCO Energy Finalizes PSC for Block P Offshore Equatorial Guinea

Hydrocarbon exploration company VAALCO Energy and its partners have finalized a production sharing contract (PSC) for Block P offshore Equatorial Guinea.

The PSC will facilitate a development and production period of 25 years.

Block P, which is home to the Venus discovery and an exploration area, boasts a resource base of over 20 million barrels of oil and is due to start commercial production in 2026.

With plans to double its crude oil production to over 50,000 barrels of oil per day by 2027 and grow output from maturing fields, VAALCO Energy is nearing a final investment decision (FID) on Block P. Following FID, Vaalco Energy will launch a drilling campaign on the block.

Block P is operated by VAALCO Energy (60%), alongside partners including Equatorial Guinea’s national oil company GEPetrol (20%) and Nigerian oil and gas company Petroleum International (20%).