By Juzel L. Danganan
CATICLAN, April 22 (PNA) — The Gabon consortium is targeting to boost its oil production to 25,000 barrels per day from its current output of 19,000 barrels per day by November.
”Currrently, we are producing 18,000 to 19,000 barrels of oil per day. We just recently completed two new platforms in Southeast Etame and central Etame, where oil production should slowly go up by 25,000 barrels of oil a day by November 2015,” Petroenergy Resources Corporation (PERC) Vice President Francisco Delfin Jr. told reporters.
PERC has a 2.525 stake in the oil exploration project, while Houston-based Vaalco Energy is the service contract operator.
Delfin said the consortium had to install two platforms and drill six wells to attain the 25,000 oil barrels production. The expansion cost USD 525 million, while PERC contributed USD 13 million.
He expects the increased oil production will also bring gains to PERC’s revenues.
Vaalco Energy reported it has gone into first production on April 14, with its development well Etame 12-H.
However, Vaalco said the well cannot increase output above the production level due to optimization works.
Another well, Etame 10-H began producing oil barrels, with a rate of 3,000 per day, on February 2015.
Other consortium members are Sojitz Etame Ltd., PanOcean Energy Gabon Corp., Sasol Petroleum West Africa Ltd. and Energy Africa Gabon SA. (PNA)