Houston-based independent energy company VAALCO Energy has expanded its African portfolio by acquiring a 70% operated interest in offshore Côte d’Ivoire’s CI-705 block. This addition strengthens the company’s presence in West Africa, an area known for its robust investment climate and thriving petroleum industry.
VAALCO will hold a 70% working interest and a 100% paying interest through a commercial carry arrangement. The company is partnering with Ivory Coast Exploration Oil & Gas SAS and PETROCI, Côte d’Ivoire’s state hydrocarbon company, and will finance its partners’ shares through seismic reprocessing and interpretation, with the potential for drilling up to two exploration wells.
George Maxwell, VAALCO’s CEO, expressed enthusiasm about the acquisition: “When we entered Côte d’Ivoire in 2024 as a non-operating partner in the CI-40 block, we were excited to expand our footprint in a well-established, investment-friendly country. The CI-705 block is strategically located in a proven petroleum system, near existing infrastructure, and presents significant upside potential.”
The block, located in the prolific Tano Basin, spans approximately 2,300 square kilometers and has seen limited exploration, with only three wells drilled to date. The water depth ranges from zero to 2,500 meters. VAALCO has invested $3 million to secure its interest, believing in the block’s strong oil and natural gas prospects.
Maxwell highlighted VAALCO’s strategic growth, stating, “We have a proven track record of acquiring, developing, and enhancing value through strategic acquisitions. With major projects planned for 2025 and 2026, we anticipate substantial organic growth across our portfolio.”
Source: Africa Oil Gas Report
