BW Offshore reported Tuesday that it has secured a one-year contract extension for the lease and operation of the floating production storage and offloading (FPSO) vessel Petroleo Nautipa.
The FPSO is operating offshore Gabon on the Etame field for VAALCO Energy, BW Offshore noted in a written statement. The FPSO provider added the contract firm period has been extended from the third quarter of 2021 to the third quarter of 2022.
According to BW Offshore’s website, the FPSO Petroleo Nautipa can produce 25,000 barrels of oil per day and boasts 3 million standard cubic feet per day of gas compression capacity. In addition, the vessel’s storage capacity nears 1.1 million barrels.
VAALCO operates the Etame license and owns a 33.6-percent stake in it, according to a May 2020 investor presentation on the company’s website. Other Etame co-venturers include Addax (Sinopec) with 33.9 percent, Sasol with 30 percent and PetroEnergy with 2.5 percent.
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