Vaalco Energy is intensifying its strategic growth in West Africa, focusing on offshore Côte d'Ivoire. The company has initiated a significant refurbishment of its Floating Production Storage and Offloading (FPSO) vessel servicing the Baobab field, aiming to extend production into the late 2030s. Additionally, Vaalco has acquired a 70% operating interest in the CI-705 block, positioning itself as a key player in the region's hydrocarbon sector.

FPSO Refurbishment and Future Drilling Plans

The FPSO Baobab Ivoirien MV10, operated by Canadian Natural Resources International (CNRL), ceased hydrocarbon production on January 31, 2025, as part of a planned dry dock refurbishment. Following the final crude oil lifting in early February, the vessel departed for Dubai on March 24, 2025, for extensive upgrades. This refurbishment is expected to enable continued production through at least 2038, contingent upon regulatory approvals and further investments .

Vaalco plans to commence a development drilling campaign in 2026, targeting incremental reserves in the Baobab field and the adjacent Kossipo discovery. The company has already initiated the procurement of long-lead drilling equipment, indicating a commitment to enhancing production capacity and extending the economic life of its assets .

Expansion into CI-705 Block

In March 2025, Vaalco expanded its footprint by acquiring a 70% working interest in the CI-705 block offshore Côte d'Ivoire, becoming the operator through a commercial carry arrangement. The block, covering approximately 2,300 square kilometers in the Tano Basin, is lightly explored, with only three wells drilled to date. Initial assessments suggest the presence of both oil and natural gas prospects. Vaalco plans to conduct a detailed geological analysis and potentially drill up to two exploration wells to evaluate the block's full potential.

Strategic Outlook

Vaalco's CEO, George Maxwell, emphasized the company's commitment to expanding its West African operations, highlighting Côte d'Ivoire as a favorable investment environment with access to existing infrastructure and a growing domestic market. The acquisition of CI-705 and the planned developments in the Baobab and Kossipo fields underscore Vaalco's strategy to enhance its production base and capitalize on the region's hydrocarbon resources .

With a robust portfolio and strategic investments, Vaalco Energy is poised to strengthen its position in the West African energy sector, driving long-term growth and value creation for stakeholders.

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