VAALCO Energy, Inc. (NYSE: EGY) (“VAALCO” or the “Company”) have announced that the Avouma 2-H well on the Avouma Platform offshore Gabon is back on production after utilizing a hydraulic workover unit to replace a failed Electric Submersible Pump (ESP) system. The well is currently producing at a stabilized rate of 2,700 barrels of oil per day (BOPD) gross, or 730 BOPD net to VAALCO. With the addition of the two recent workover wells, total Company net production is currently averaging 4,600 BOPD.

After months of careful consideration and industry engagement, in July 2016, the Bureau of Ocean Energy Management (BOEM) issued Notice to Lessees (NTL) 2016-N01, with a 60-day grace period before implementation on September 12th, 2016.

Production Outlook Raised for 2017; Focus on Permian

Eni has signed two new concession agreements for the North El Hammad and North Ras El Esh, located in the shallow waters in Egyptian Mediterranean Sea, as a result of the EGAS 2015 international bid round.

AccessESP, a leading provider of rigless electric submersible pump (ESP) conveyance solutions for the worldwide oil industry, has showcased its rigless ESP conveyance system in the industry’s first pump swap for an operator on the North Slope of Alaska.

National Ocean Industries Association President Randall Luthi has issued the following statement on the Bureau of Ocean Energy Management’s denial of seismic survey permits for the Atlantic OCS.

As we moved into the festive period last month, BP-operated AIOC and SOCAR were busy signing a letter of intent on the future development of Azerbaijan’s Azeri-Chirag-Gunashli (ACG) project.

Maersk Drilling has been awarded a one well contract with Repsol Colombia for the deepwater semi-submersible, Mærsk Developer. The contract covers the drilling of the Siluro-1 Exploration Prospect well, estimated to have a duration of 42 days. The estimated contract value is USD 12 million, including mobilization and demobilization.

Forum Energy Technologies, Inc. has revealed that it has designed, manufactured, tested and delivered its 350th rotational torque (RT) torque machine to TAM International, a globally recognized downhole inflatable packer leader.

Subsea services group Acteon has enhanced its capabilities in the provision of temporary and permanent mooring systems by acquiring Bruce Anchor.

The first oil is produced by Ivar Aasen field in the North Sea. The start-up is according to the plan, and the development is completed within budget. Aker BP is the operator, and the production started 24 December 2016.

McDermott International, Inc. (NYSE:MDR) announces a contract award from Saudi Aramco for the engineering, procurement, construction and installation (EPCI) of four jackets and three gas observation platforms offshore Saudi Arabia. The total weight of all structures combined is 11,595 tons.

Roxtec has secured a major contract to deliver its innovative safety seal solutions to an ambitious £1.5billion offshore wind farm project in the North Sea.

Trelleborg’s marine systems operation has relocated and almost doubled the size of its engineering and design center of excellence in a new 1,000 square meter premises in Ahmedabad, India.

Statoil plans to drill around 30 exploration wells in 2017, an increase of around 30% compared to 2016. More than half of the wells will be drilled on the Norwegian Continental Shelf (NCS).

Cobalt International Energy, Inc. (“Cobalt”) (NYSE:CIE) has announced it has completed drilling operations on the North Platte #4 appraisal well.