U.S. oil and gas company VAALCO Energy has begun refurbishing its FPSO facility at the Baobab field in Block CI-40, offshore Ivory Coast. The modernization is set to increase production beyond the current 2,891 barrels of oil equivalent per day and extend the field’s economic life. A new drilling campaign is planned for 2026 to further develop both the Baobab field and the nearby Kossipo discovery. In addition, VAALCO farmed into Block CI-705 as operator in March 2025, reinforcing its long-term commitment to Ivory Coast’s energy sector.
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In line with the African Energy Week: Invest in African Energies agenda – which centers on maximizing resource development to end energy poverty and drive industrial growth – VAALCO Energy is participating in the 2025 edition as a Platinum Partner. Held under the theme, Invest in African Energy: Positioning Africa as the Global Energy Champion, this year’s event will spotlight the contributions of companies like VAALCO in unlocking the continent’s estimated 125 billion barrels of crude oil and 620 trillion cubic feet of natural gas. With over 600 million people in Africa lacking access to reliable electricity and 900 million without clean cooking solutions, Africa’s hydrocarbon resources remain critical to closing the energy access gap.
Recognizing this, VAALCO is expanding its investments and footprint across key African markets. In Gabon, the company operates the Etame Marin block with a 58.8% working interest and is preparing to launch a new drilling campaign in Q3 2025. To support its efforts in both Gabon and Ivory Coast, VAALCO secured a $300 million revolving credit facility from Standard Bank of South Africa in March 2025.
In Egypt, VAALCO brought five new wells online in 2025, boosting daily output and enhancing regional energy stability. The company also identified new reserves and a production zone during a Q4 2024 exploration campaign. Its Egyptian portfolio spans the Eastern Desert – including the West Gharib, West Bakr and North West Gharib concessions – as well as the South Ghazalat concession in the Western Desert.
Meanwhile, in Equatorial Guinea, VAALCO is progressing toward FID for the Venus field development in Block P, with front-end engineering and design currently underway. Drilling is set to commence following FID, with first oil targeted for 2026. As the company scales up its operations across the continent, AEW: Invest in African Energies offers a strategic platform for VAALCO to engage with partners, investors, buyers and regulators and to solidify its role in advancing Africa’s industrialization.
“VAALCO Energy’s growing footprint across Africa speaks to the vast opportunities available on the continent. Their commitment to investing in infrastructure, boosting production and supporting local economies aligns perfectly with our mission to position Africa as a global energy frontier,” states Tomás Gerbasio, VP of Commercial and Strategic Engagement, African Energy Chamber.
Distributed by APO Group on behalf of African Energy Chamber.
About African Energy Week:
AEW: Invest in African Energies is the platform of choice for project operators, financiers, technology providers and government, and has emerged as the official place to sign deals in African energy. Visit www.AECWeek.com for more information about this exciting event.
