Vaalco company has announced a production of 4,944 barrels per day in the 1st quarter of 2020, boasting that it not affected by the Coronavirus crisis. The American company has maintained its production forecasts for the whole year 2020 at 4,400-5,000 barrels per day.
The 2020 fiscal year has started off on a positive note for Vaalco. The American oil company operating in Gabon announced, on April 13, a production of 4,944 barrels per day in the 1st quarter of 2020, thus approaching its forecasts of 4,700 barrels per day of oil. This corresponds to a sales volume of 294,000 barrels of oil over this period.
The Houston, USA-based company has reaffirmed its production forecast for the whole of 2020 at 4,400-5,000 barrels per day. “For the first quarter of 2020, production was 4,944 barrels per day, 35% more than our average production in the fourth quarter of 2019 and it is our highest production since the fourth quarter of 2015,” the CEO of Vaalco revealed.
Cary Biunds adds, “This gives us confidence to reaffirm our production forecasts for the whole of 2020, 4,400 to 5,000 barrels per day.”
The Hydrocarbons explorer Vaalco holds a 31.1% stake in the Etame Marin block, off the coast of Gabon. To date, the company claims not to have been disturbed by the Coronavirus crisis. “So far, Vaalco’s business has not been disrupted by the global Covid-19 pandemic,” said the Vaalco boss.
“We have faced challenges since the epidemic. Vaalco continues to prioritize the safety of its workers and local stakeholders and has emergency plans in place if we are directly affected. We remain committed to capital efficiency, cost control and production optimization to ensure that Vaalco generates long-term value for our shareholders, “Cary Bounds said.
