Gabon: New IFC funding for Vaalco

The World Bank Group’s International Finance Corporation (IFC) has agreed to provide further funding to Vaalco Gabon in the form of a $65m reserve-based loan facility. The $50m senior loan and $15m subordinate tranche will help fund the construction of two new platforms and associated facilities to increase production from the Etame Marin offshore block. The programme aims to increase production to a level close to capacity of the project’s floating production, storage and offloading vessel. Construction of two new platforms is under way, with one expected to be installed in the Etame field and the second to be installed between the Southeast Etame and North Tchibala fields in H2 2014.