The US tanker announced on December 7 the acquisition of 3D seismic survey data over the entire Etame Marin block off Gabon. These three-dimensional data will improve and update the current seismic record, some of which dates back to the discovery of the field in the 1990s.
Started last October, the 3D seismic program on the entire Etame Marin block, off Gabon, has just come to an end. The results of this new study carried out over nearly 1,000 square kilometers will be used to optimize and reduce the risk of future drilling locations and potentially identify new drilling locations. Likewise, they will help improve below-surface imagery, merging legacy data with newly acquired seismic, thereby enabling the acquisition of the first continuous 3D seismic across the block.
“We are very pleased to have finalized the acquisition of our new exclusive 3-D seismic survey over our entire Etame Marin block. We will now proceed to the processing and analysis of the data that has been collected. Over the past 20 years, we have capitalized on the great potential of Etame’s resources, increasing the final recovery from the initial estimate of 30 million crude barrels of oil to 147 million crude barrels of oil on a 2P, ”said CEO Cary Bounds.
According to the US oil company, the group’s outlook relates to the processing of seismic data, scheduled to start in January 2021, so that all data is fully processed and analyzed by the fourth quarter of 2021, for a total net acquisition cost. and seismic data processing estimated at approximately $ 4-5 million net.
“Going forward, our new 3-D seismic survey is an essential tool in helping us unlock the remaining 116 million gross barrels of oil reserves and resources identified on the permit. The new seismic data will help us optimize each location we plan to drill and potentially identify new locations to add to our inventory, ”Cary Bounds concluded.
Vaalco is a Gabon-based operator, holding a 33.6% stake in the offshore Etame Marin block, which to date has produced more than 118 million barrels of crude oil.
