Atlas Petroleum International Limited announced the development of the Venus oil discovery in Block P, Equatorial Guinea, jointly with its partners Vaalco as Operator, and Guinea Ecuatorial de Petroleós Co. (GEPetrol) as the state-owned oil company of Equatorial Guinea, representing the interests of the state.
This positive result follows the Plan of Development (POD) approval from the Government of Equatorial Guinea. First oil is expected in 2026.
The joint venturers expect to spud the first development well in early 2024, acquire, convert, and install oil production infrastructure over the next 3 years, and spud an additional development and a water injection well in 2025-26. Venus field activities are expected to add 23.1 MMbbl of oil of 2P gross reserves.
Based on results from the initial oil discovery well and reservoir modeling, the partners expect oil production from the field to reach about 15,000 gross b/d of oil upon completion of the two development wells and injector well.
“We are pleased that the development of the Venus discovery can now swiftly proceed, thanks to the Ministry of Mines and Hydrocarbons being a true enabler of investment in the Republic of Equatorial Guinea, Vaalco’s sound technical expertise to develop and monetize the asset, as well as GEPetrol’s crucial role as stewards of the Equatoguinean hydrocarbons sector” said Prince Arthur Eze, Executive Chairman of Atlas Petroleum.