Atlas Petroleum International announced the development of the Venus discovery in Block P, Equatorial Guinea, jointly with its partners Vaalco as operator, and Guinea Ecuatorial de Petroleós Co. (GEPetrol) as the state-owned oil company of Equatorial Guinea, representing the interests of the state.
This positive result follows the March 8, 2023 Plan of Development (POD) approval from the Government of Equatorial Guinea. First oil is expected in 2026.
The joint venturers expect to spud the first development well in early 2024, acquire, convert, and install production infrastructure over the next 3 years, and spud an additional development and a water injection well in 2025-26. Venus field activities are expected to add 23.1 million bbl of oil of 2P gross reserves. Based on results from the initial discovery well and reservoir modeling, the partners expect production from the field to reach about 15,000 gross b/d of oil upon completion of the two development wells and injector well.
VAALCO is the operator (60%) of Block P, Atlas holds a 20% participating interest, and GEPetrol has a 20% carried interest. The POD for the discovery was submitted in early March 2023 and swiftly approved by the Ministry of Mines and Hydrocarbons of Equatorial Guinea.
“We are pleased that the development of the Venus discovery can now swiftly proceed, thanks to the Ministry of Mines and Hydrocarbons being a true enabler of investment in the Republic of Equatorial Guinea, Vaalco’s sound technical expertise to develop and monetize the asset, as well as GEPetrol’s crucial role as stewards of the Equatoguinean hydrocarbons sector” said Prince Arthur Eze, Executive Chairman of Atlas Petroleum. “This POD approval and development is first and foremost a success story for the people of Equatorial Guinea,” Concluded Mr. Eze added.