GABON · OIL AND GAS
Key Facts
- The jump Vaalco’s Gabon production rose 34.5% to 9,577 barrels of oil equivalent a day, from 7,118 a year earlier.
- The cause Five new wells at the Etame field came online, and the drilling rig left in early October.
- The sales Vaalco’s Gabon oil sales were US$77.7 million in the quarter, and US$205.4 million over nine months.
- The guidance Vaalco expects Gabon output of 9,800 to 10,900 barrels a day in the fourth quarter.
- The company Vaalco, based in Houston, lost US$39.8 million overall, mainly on a non-cash charge on derivatives.
Vaalco Gabon oil output rose 34.5% in the third quarter of 2026, the Houston-based oil company said on Thursday 5 November. Output reached 9,577 barrels of oil equivalent a day in July to September, against 7,118 a year earlier.
The jump follows a drilling campaign that brought five new wells online at the Etame field off Gabon’s coast. Vaalco released its drilling rig in early October.
What Vaalco Reported
Gabon’s output counts Vaalco’s share of the Etame field, which the company calls its working interest. After royalties, the share that reaches Vaalco was 8,332 barrels a day, up from 6,192.
Compared with the second quarter, Gabon output rose 2.4% from 9,353 barrels a day. Over nine months, Gabon output averaged 8,823 barrels a day, against 8,062 a year earlier.
How Five Wells Lifted Production
The campaign drilled and connected five wells at Etame, adding almost 2,500 barrels a day compared with last year. One of them, called ETSEM-3H, has a horizontal section of 300 metres in high-quality Gamba sandstone.
Another well, ETBNM-3, produces natural gas for the platform’s own use. Vaalco says that cuts its reliance on diesel, which boats had to carry to the field.
Gabon Within a Wider Company
Vaalco produced 25,284 barrels a day across Gabon, Egypt and Côte d’Ivoire in the quarter. Adjusted operating earnings rose 30% to US$71.1 million, but a non-cash derivatives loss left a net loss of US$39.8 million.
Gabon’s oil sales were US$77.7 million in the quarter, below US$103.3 million in the second quarter. The third quarter included two tanker loadings in Gabon, called liftings, and sales follow their timing.
In Plain English, Who Is Who
Vaalco Energy is a US oil company that trades on the New York Stock Exchange under the symbol EGY. George Maxwell is its chief executive.
A barrel of oil equivalent counts gas as if it were oil, which lets a company add the two together. The Etame field sits offshore Gabon, and the rig worked from a platform called SEENT.
What It Means for You
For US readers, Vaalco is a Houston company, so its shares and its quarterly dividend of US$0.0625 per share are open to American investors. The dividend is payable on 22 December 2026.
Gabon is one of three countries where Vaalco produces oil, so the Gabon jump shows up in the group’s results. See also Rio Times reports on Maurel & Prom in Gabon and on Gabon’s economy.
What Is Not Known
Whether Gabon reaches the 9,800 to 10,900 barrels a day Vaalco forecasts for the fourth quarter is not yet known. Vaalco will show the answer when it reports full-year 2026 results.
Results from a 3D seismic survey over the Niosi and Guduma blocks are still being processed. The partners in the BWE Consortium can say when the findings will come.
More: Africa news in English, every day from The Rio Times.
Frequently Asked Questions
How much did Vaalco’s Gabon production rise?
Vaalco’s Gabon output rose 34.5% to 9,577 barrels of oil equivalent a day in the third quarter of 2026. A year earlier it was 7,118.
What caused the increase?
A drilling campaign brought five new wells online at the Etame field. The rig was released in early October.
What does Vaalco expect in Gabon next?
Vaalco guides for Gabon production of 9,800 to 10,900 barrels a day in the fourth quarter of 2026. Its guidance for the whole company is 24,100 to 26,300 barrels a day.
Is Vaalco profitable?
Vaalco reported a net loss of US$39.8 million in the third quarter, mostly from a non-cash loss on derivatives. Adjusted earnings rose 30% to US$71.1 million.
Sources: VAALCO Energy, Inc., Third Quarter 2026 Results press release, 5 November 2026; Previous Rio Times coverage: Maurel & Prom Gabon Sales Up 22% to US$345M, 22 October 2026; Previous Rio Times coverage: Gabon Oil Rig Sinks, 5 Workers Missing, 25 October 2026.
This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error · Editorial responsibility: Matthias Camenzind, Editor-in-Chief