VAALCO strengthens its presence in Africa with the acquisition of the CI-705 block in Côte d’Ivoire and increased production in Gabon

VAALCO continues its expansion in West Africa with the acquisition of a 70% stake in the offshore CI-705 block in Côte d'Ivoire and an ambitious plan to double its crude production in Gabon by 2026.

Share:

Comprehensive energy news coverage, updated nonstop

Annual subscription

8.25$/month*

*billed annually at 99$/year for the first year then 149,00$/year ​

Unlimited access • Archives included • Professional invoice

OTHER ACCESS OPTIONS

Monthly subscription

Unlimited access • Archives included

5.2$/month*
then 14.90$ per month thereafter

FREE ACCOUNT

3 articles offered per month

FREE

*Prices are excluding VAT, which may vary depending on your location or professional status

Since 2021: 35,000 articles • 150+ analyses per week

VAALCO Energy, the American oil company, continues to strengthen its presence in Africa. On March 3, 2025, the company announced the acquisition of a 70% stake in the offshore CI-705 block, located approximately 70 km west of the CI-40 block in Côte d’Ivoire. This acquisition follows the purchase of the offshore Baobab field in 2024, reinforcing VAALCO’s strategy to establish a stronger foothold in West Africa. The transaction cost VAALCO USD 3 million, and the company is partnering with Ivory Coast Exploration Oil & Gas SAS and PETROCI, the Ivorian national oil company, to operate this asset as the lead operator.

The strategic potential of the CI-705 block

The CI-705 block is located in the Tano basin, an area rich in recent discoveries. Situated 60 km from the Calao discovery made by Eni, this offshore block presents an attractive geological potential for VAALCO. The maximum water depth in the area reaches 2,500 meters, and three wells have already been drilled within the perimeter. The American company plans to undertake a detailed geological analysis to assess the “overall prospectivity of the block,” evaluating its potential for both oil and natural gas.

VAALCO’s CEO, George Maxwell, expressed confidence in the potential of this acquisition. “We believe the CI-705 block is strategically located within a proven petroleum system, close to existing infrastructure with access to a rapidly growing domestic market,” he said. The upcoming geological analyses could further strengthen VAALCO’s strategic position in this region.

Increased production in Gabon

In addition to its development in Côte d’Ivoire, VAALCO is implementing an ambitious plan to double its crude production in Gabon. In July 2024, the company announced an investment of USD 300 million to increase its oil production to 30,000 barrels per day (bpd) by early 2026, compared to the current production of around 15,000 bpd. This plan involves a new drilling campaign scheduled for 2025, which includes 5 to 10 new wells. VAALCO has allocated a budget of USD 200 million for these operations, aiming to strengthen its development of the Etame licence, one of the country’s largest.

Logistical challenges to overcome

However, VAALCO must overcome several challenges to successfully execute its plans. The company faces administrative and logistical obstacles, particularly in obtaining permits and securing equipment. Despite these challenges, VAALCO is relying on increased collaboration with the Gabonese authorities to expedite procedures and implement the necessary solutions to meet its objectives.

The company is focusing on optimising its infrastructure and adopting new technologies to enhance operational efficiency and ensure the profitability of its investments in the region.

In September 2025, French road fuel consumption rose by 3%, driven by a rebound in unleaded fuels, while overall energy petroleum product consumption fell by 1.8% year-on-year.
Société Ivoirienne de Raffinage receives major funding to upgrade facilities and produce diesel fuel in line with ECOWAS standards, with commissioning expected by 2029.
India is funding Mongolia’s first oil refinery through its largest line of credit, with operations scheduled to begin by 2028, according to official sources.
Aramco CEO Amin Nasser warns of growing consumption still dominated by hydrocarbons, despite massive global energy transition investments.
China imported an average of 11.5 million barrels of crude oil per day in September, supported by higher refining rates among both state-run and independent operators.
The New Vista vessel, loaded with Abu Dhabi crude, avoided Rizhao port after the United States sanctioned the oil terminal partly operated by a Sinopec subsidiary.
OPEC confirms its global oil demand growth forecasts and anticipates a much smaller deficit for 2026, due to increased production from OPEC+ members.
JANAF is interested in acquiring a 20 to 25% stake in NIS, as the Russian-owned share is now subject to US sanctions.
The US Treasury Department has imposed sanctions on more than 50 entities linked to Iranian oil exports, targeting Chinese refineries and vessels registered in Asia and Africa.
Khartoum et Juba annoncent un mécanisme commun pour protéger les oléoducs transfrontaliers, sans clarifier le rôle des forces armées non étatiques qui contrôlent une partie des installations.
The Namibian government signed an agreement with McDermott to strengthen local skills in offshore engineering and operations, aiming to increase oil sector local content to 15% by 2030.
Nigeria deploys a 2.2 million-barrel floating storage unit funded by public investment, strengthening sovereignty over oil exports and reducing losses from theft and infrastructure failures.
Despite open statements of dialogue, the federal government maintains an ambiguous regulatory framework that hinders interprovincial oil projects, leaving the industry in doubt.
Canada’s Sintana Energy acquires Challenger Energy in a $61mn all-share deal, targeting offshore exploration in Namibia and Uruguay. The move highlights growing consolidation among independent oil exploration firms.
The 120,000-barrel-per-day catalytic cracking unit at the Beaumont site resumed operations after an unexpected shutdown caused by a technical incident earlier in the week.
An agreement was reached between Khartoum and Juba to protect key oil installations, as ongoing armed conflict continues to threaten crude flows vital to both economies.
Alnaft has signed two study agreements with Omani firm Petrogas E&P on the Touggourt and Berkine basins, aiming to update hydrocarbon potential in key oil-producing areas.
Import quotas exhaustion and falling demand push Chinese independent refineries to sharply reduce Iranian crude volumes, affecting supply levels and putting downward pressure on prices.
Serbian oil company NIS, partially owned by Gazprom, faces newly enforced US sanctions after a nine-month reprieve, testing the country's fuel supply chain.
US-based Chevron appoints Kevin McLachlan, a veteran of TotalEnergies, as its global head of exploration, in a strategic move targeting Nigeria, Angola and Namibia.

All the latest energy news, all the time

Annual subscription

8.25$/month*

*billed annually at 99$/year for the first year then 149,00$/year ​

Unlimited access - Archives included - Pro invoice

Monthly subscription

Unlimited access • Archives included

5.2$/month*
then 14.90$ per month thereafter

*Prices shown are exclusive of VAT, which may vary according to your location or professional status.

Since 2021: 30,000 articles - +150 analyses/week.