• U.S. operator begins Phase 3 drilling on the Etame permit with well ET-15

• Campaign targets new volumes in mature reservoirs and improved recovery rates

• Effort comes as oil remains central to Gabon’s economy, accounting for up to 24.2% of GDP

VAALCO Energy announced on December 9, 2025, that it has started the third phase of its offshore drilling program in Gabon. The U.S. company, active on the Etame offshore permit for more than two decades, has drilled the first well of the new campaign, named ET-15.

The move marks the operational start of what the company describes as a strategic program aimed at increasing production and maximizing remaining reserves. It builds on efforts in recent years to sustain the Etame field’s performance and extend its economic life.

GlobalData reports that the Etame field has already produced 88.4% of its total recoverable reserves. Under current assumptions, production is expected to continue until reaching its economic limit in 2029. VAALCO says its output rose from about 9,000 b/d net in 2020 to nearly 25,000 b/d gross at the end of 2024, with a goal of doubling volumes by 2028.

Drilling ET-15 is the first step in a broader program supported by a platform that arrived in Gabon in late November. The rig will move in the coming weeks to other areas of the permit, including the SEENT and Ebouri platforms, where additional wells and rehabilitation operations are scheduled.

According to VAALCO, the campaign seeks to unlock new volumes in mature reservoirs while improving recovery rates. The company also points to “value creation” tied to greater cost control and more targeted deployment of technical resources.

The program comes at a time when Gabon is working to stabilize its oil sector, the backbone of its economy. Oil accounted for between 23% and 24.2% of GDP in 2023, according to the World Bank, and 67% of the country’s total exports the same year, according to figures reported by Ecofin Agency.

For VAALCO, which holds a 58.8% interest in the Etame permit, Phase 3 marks an important step in its regional growth strategy. The company, also present in Côte d’Ivoire and Equatorial Guinea, views Gabon as one of its most profitable assets. The results of the new campaign will shape future reserve estimates, the permit’s long-term performance, and medium-term investment decisions.

Abdel-Latif Boureima