America’s VAALCO Energy to begin prospecting for oil in Angola

11 December 2013

The US company VAALCO Energy has begun contacting companies to rent a semi-submersible platform to begin the oil prospecting phase in the pre-salt layer of Angola’s Cuanza Basin, the company announced.

In a statement released on Tuesday, the company justified the decision, saying it had received written confirmation from the Angolan Oil Ministry that the 40 percent stake sill available in Angola’s off-shore Bloc 5 had been awarded to the Sociedade Nacional de Combustíveis de Angola (Sonangol).

The company’s executive president, Steve Guidry, said he was satisfied by the official decision, “especially due to recent discoveries in the Cuanza Basin”. He added that the discovery of commercial amounts of hydrocarbons was very likely in the 5,665 square km concession area.

Following the announcement, Sonangol and subsidiaries such as Sonangol P&P will hold a joint stake of 60 percent, while VAALCO as operator will hold the remaining 40 percent.

VAALCO Energy is based in Houston, Texas, and specialises in the acquisition, exploration, development and production of crude oil. It is present in Gabon, Angola and Equatorial Guinea. (macauhub)