VAALCO Energy is strengthening its footprint in Africa with a 70% acquisition of the offshore CI-705 block in Côte d’Ivoire.
The deal, finalized on March 3, 2025, expands the company’s West African portfolio, following its 2024 purchase of the offshore Baobab field.
The CI-705 block, located 70 km west of the CI-40 block, lies in the Tano Basin, a region with recent significant oil and gas discoveries.
Positioned 60 km from Eni’s Calao discovery, the block has strong geological potential, with three wells already drilled and water depths reaching 2,500 meters.
VAALCO acquired its stake for $3 million and will operate the asset in partnership with Ivory Coast Exploration Oil & Gas SAS and PETROCI. The company plans to conduct geological studies to evaluate the block’s reserves.
CEO George Maxwell emphasized the strategic value of the acquisition:
“The CI-705 block is in a proven petroleum system, near existing infrastructure, and in a growing domestic market.”
Beyond Côte d’Ivoire, VAALCO is doubling crude production in Gabon. In July 2024, the company committed $300 million to increase output from 15,000 bpd to 30,000 bpd by early 2026.
The 2025 drilling campaign will include 5 to 10 new wells, with $200 million allocated to expand operations under the Etame license, one of Gabon’s largest oil assets.
These strategic moves underscore VAALCO’s commitment to expanding its presence and production capacity in Africa’s energy sector.
