VAALCO Energy, a Houston-based oil and gas company, has officially assumed operatorship of Block CI-705 in Ivory Coast, following its acquisition of a 70% working interest in the asset.
The company will operate the block with a 100% paying interest, focusing on seismic reprocessing and interpretation as part of its exploration strategy.
This move marks a significant step in VAALCO Energy’s expansion in West Africa, where the company has been increasing its footprint. The $3 million acquisition signals its confidence in the potential of the Tano Basin, a region known for its rich hydrocarbon reserves.
George Maxwell, CEO of VAALCO Energy noted that its investment in the region aims to change that, with plans to drill up to two additional exploration wells.
“We believe the CI-705 block is favorably located in a proven petroleum system, near existing infrastructure with access to a strong growing domestic market with attractive upside potential.
“Our initial assessment is that there are both oil and natural gas prospects on the block, and we plan to conduct a detailed, integrated geological analysis to assess and mature our understanding of the block’s overall prospectivity.”
George Maxwell, CEO of VAALCO Energy
The development of Block CI-705 is a collaborative effort between VAALCO Energy, Ivory Coast’s national oil company Petroci, and the independent energy company Ivory Coast Exploration Oil & Gas.
This partnership underscores the growing interest in Ivory Coast’s offshore oil and gas sector, which has attracted major international players in recent years.
The block’s proximity to the Eni-led Calao discovery, made in 2024, as well as the VAALCO-operated CI-40 block—which contains the Baobab and Kossipo oilfields—further enhances its appeal.
“This acquisition represents an important milestone for VAALCO as we continue to expand our presence in West Africa.
“The success of our existing operations in the region has strengthened our confidence in investing in new exploration opportunities.”
George Maxwell, CEO of VAALCO Energy
VAALCO Plans Technical Exploration Approach
VAALCO Energy’s immediate focus will be on seismic reprocessing and interpretation, a crucial step in identifying the most promising drilling locations.
By leveraging advanced geological and geophysical techniques, the company aims to maximize its chances of making commercially viable discoveries.
Experts within the industry have pointed out that the Tano Basin remains one of Africa’s most attractive petroleum provinces.
“The Tano Basin has already proven its capacity to host large oil and gas accumulations, and with further exploration, we could see significant new discoveries.”
George Maxwell, CEO of VAALCO Energy
While VAALCO Energy has not yet committed to a drilling timeline, it is expected that the company will make a final investment decision based on the results of its seismic studies.
Despite the optimism surrounding this acquisition, challenges remain. The global oil and gas industry is undergoing rapid changes, with increasing focus on energy transition and sustainability.
Additionally, offshore exploration projects require substantial financial commitments and come with geological risks.
However, VAALCO Energy appears confident in its strategy and long-term outlook.
“We are committed to responsible exploration and development.
“Our approach prioritizes safety, environmental sustainability, and collaboration with local stakeholders.”
George Maxwell, CEO of VAALCO Energy
With its acquisition of Block CI-705, VAALCO Energy is set to play a key role in Ivory Coast’s growing oil and gas sector.
The company’s strategic investment in the Tano Basin highlights the region’s potential and reinforces West Africa’s position as a leading petroleum province.
As VAALCO Energy advances its exploration plans, industry watchers will be closely monitoring developments, anticipating potential discoveries that could further boost Ivory Coast’s energy production and economic growth.
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