Vaalco advances FPSO overhaul and drilling plans off Africa

Vaalco Energy, based in Houston, has given an update on its exploration activities in Côte d’Ivoire and Gabon. The company has various plans in progress for its oil and gas projects in central and western Africa.

In Côte d’Ivoire, the FPSO Baobab ceased hydrocarbon production in January 2025 for a planned refurbishment. The vessel has been towed to a shipyard in Dubai for the refurbishment process. Vaalco’s CEO, George Maxwell, stated that they have started the FPSO refurbishment project in Côte d’Ivoire and are getting ready for a drilling campaign in 2026 to enhance production in the Baobab field. The field is operated by CNRL, with Vaalco holding a 27.39% stake.

Vaalco also acquired a stake in the CI-705 block in Côte d’Ivoire and plans to conduct a detailed geological analysis to evaluate the block’s potential. In Gabon, the company is gearing up for a drilling program scheduled to begin in Q3 2025, aiming to drill wells in various locations to access production and reserves.

Vaalco recently engaged in a revolving credit facility to support its investment plans in the coming years, replacing the existing credit facility with Glencore and securing it with assets in Gabon, Egypt, and Côte d’Ivoire.