US independent Vaalco Energy has cemented its position as a leading operator in Ivory Coast’s rapidly emerging offshore sector, securing majority stakes and full operational control over two blocks that could collectively hold hundreds of millions of barrels of oil. Vaalco will hold a 70% working interest and a 100% paying interest in the CI-705 block under a commercial carry arrangement, while also acquiring a 60% working interest in the CI-40 Block, where it will operate the Kossipo field. National oil company Petroci retains the remaining stakes in both blocks. The company plans to submit a Field Development Plan for the Kossipo field in the second half of 2026.
Kossipo sits southwest of the Baobab field within the CI-40 Block. It has been appraised at 102 million barrels of 2C resources, with up to 293 million barrels gross in place. Historical well tests have demonstrated flow rates above 7,000 barrels per day. A key enabler of near-term production is the field’s FPSO vessel, currently under renovation and expected to return to operations by Q2 2026, providing a processing hub for both Kossipo and the nearby Baobab field.
The CI-705 block covers 2,300 square kilometres in the Tano Basin in water depths of up to 2,500 metres, lying 60 kilometres west of Eni’s Calao discovery. Vaalco has invested $3 million to secure its interest in a basin where only three wells have been drilled to date, leaving substantial prospectivity untested.
Ivory Coast has emerged as one of West Africa’s most dynamic hydrocarbon frontiers, anchored by Eni’s Baleine field — the country’s largest offshore discovery in decades — which contains an estimated 2.5 billion barrels of oil in place and 3.3 trillion cubic feet of natural gas. Production from Baleine Phase I began in August 2023, with Phase II coming onstream in December 2024 at around 60,000 bpd of oil. Phase III is planned to expand capacity toward 150,000 bpd.
Vaalco’s operational control over the CI-705 and CI-40 blocks positions the company at the forefront of Ivorian upstream development, with analysts noting that operator status gives it direct authority over drilling design, capital allocation, and development timelines.
Source: energycapitalpower.com