Gabon: Vaalco terminates rig contract


Issue 318 - 25 Feb 2016 | 2 minute read

US independent Vaalco Energy has dropped plans for further drilling offshore Gabon this year and terminated the contract for the Transocean Constellation II jack-up rig five months early. Vaalco chief executive Steve Guidry said the company had begun demobilising the rig on 25 January. “We are pleased with the overall results we achieved with our 2015 drilling programme as we reversed the decline in our production and meaningfully increased our volumes. Due to the continued sharp decline in oil prices we have determined additional drilling to be uneconomic.

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