VAALCO Energy is a company engaged in
hydrocarbon exploration
Hydrocarbon exploration (or oil and gas exploration) is the search by petroleum geologists and geophysicists for deposits of hydrocarbons, particularly petroleum and natural gas, in the Earth using petroleum geology.
Exploration methods
Vis ...
. It is organized in
Delaware
Delaware ( ) is a state in the Mid-Atlantic region of the United States, bordering Maryland to its south and west; Pennsylvania to its north; and New Jersey and the Atlantic Ocean to its east. The state takes its name from the adjacent Del ...
and headquartered in
Houston, Texas
Houston (; ) is the most populous city in Texas, the most populous city in the Southern United States, the fourth-most populous city in the United States, and the sixth-most populous city in North America, with a population of 2,304,580 in ...
with operations primarily in the Etame Marin block offshore
Gabon
Gabon (; ; snq, Ngabu), officially the Gabonese Republic (french: République gabonaise), is a country on the west coast of Central Africa. Located on the equator, it is bordered by Equatorial Guinea to the northwest, Cameroon to the north ...
.
As of December 31, 2021, the company had of proved reserves, all of which was
petroleum
Petroleum, also known as crude oil, or simply oil, is a naturally occurring yellowish-black liquid mixture of mainly hydrocarbons, and is found in geological formations. The name ''petroleum'' covers both naturally occurring unprocessed crud ...
.
[
The company’s primary source of revenue is from its 58.8% interest, via a production sharing contract, in operations in the 750,000 acre (3,000 km²) Etame Marin block, offshore Gabon. The company also owns a 45.9% working interest in an undeveloped portion of a block offshore ]Equatorial Guinea
Equatorial Guinea ( es, Guinea Ecuatorial; french: Guinée équatoriale; pt, Guiné Equatorial), officially the Republic of Equatorial Guinea ( es, link=no, República de Guinea Ecuatorial, french: link=no, République de Guinée équatoria ...
.[
]
History
In 2000, the company sold a 32.5% interest in the Etame Marin permit offshore Gabon to PanAfrican Energy Corp.
In November 2012, the company acquired a 31% non-operating working interest in a production and development area offshore Equatorial Guinea from Petronas
Petroliam Nasional Berhad (National Petroleum Limited), commonly known as Petronas, is a Malaysian oil and gas company. Established in 1974 and wholly owned by the Government of Malaysia, the corporation is vested with all oil and gas reso ...
for $10 million.
In November 2016, the company acquired an additional 3.23% participating interest (2.98% working interest) in the Etame Marin permit offshore Gabon.
In December 2016, Cary Bounds was named chief executive officer of the company.
References
External links
{{Authority control
1985 establishments in Texas
Companies listed on the New York Stock Exchange
Oil companies of the United States