MANILA – Petroenergy Resources Corp. expects robust revenues this year as oil barrel production of the consortium operating the Etame offshore field in Gabon, Africa went up to 19,000 barrels per day from 18,000 barrels per day.
“We are expanding…the increased production will increase PERC’s revenue stream,” Petroenergy Resources Corp. president Francisco Delfin told reporters.
He said the consortium, which is led by Vaalco Energy Inc., targets to further increase oil production to 25,000 barrels per day.
The consortium has installed two new platforms — which costs USD 525 million, including the drilling in Southeast Etame and Central Etame to reach the new barrel target.
Petroenergy earmarked USD 13 million for the expansion. The consortium has already gotten back its investment of USD 323 million.
Delfin added the company would shell out its investment for 2015 through its 2.525-percent working interest in the Etame Marin Production Sharing Contract.
Aside from Petroenergy, the other members of the consortium include Sojitz Etame Ltd., PanOcean Energy Gabon Corp. Sasol Petroleum West Africa Ltd. and Energy Africa Gabon SA.