VAALCO Energy is expanding its presence in Africa.
On March 3, 2025, the company acquired a 70% stake in the offshore CI-705 block, located 70 km west of the CI-40 block in Côte d’Ivoire.
This acquisition follows the 2024 purchase of the offshore Baobab field, reinforcing VAALCO’s strategy in West Africa.
VAALCO spent USD 3 million on the transaction and will operate the asset in partnership with Ivory Coast Exploration Oil & Gas SAS and PETROCI.
The CI-705 block is in the Tano basin, a region known for recent discoveries.
Located 60 km from Eni’s Calao discovery, this offshore block offers strong geological potential.
The block’s maximum water depth reaches 2,500 meters, with three wells already drilled.
VAALCO plans a geological study to assess the block’s oil and gas potential.
CEO George Maxwell expressed confidence in the acquisition’s potential.
“The CI-705 block is strategically located in a proven petroleum system, near infrastructure, and in a growing domestic market,” he said.
Upcoming geological analyses could further strengthen VAALCO’s regional position.
VAALCO is also working on doubling crude production in Gabon.
In July 2024, the company committed USD 300 million to boost oil output to 30,000 bpd by early 2026 from the current 15,000 bpd.
A drilling campaign in 2025 will include 5 to 10 new wells.
VAALCO has allocated USD 200 million to expand operations under the Etame license, one of Gabon’s largest.
Source:energynews.pro
