American oil firm, VAALCO Energy, has secured a farm-in on the offshore of Côte d’Ivoire CI-705 block in West Africa.
VAALCO, along with Ivory Coast Exploration Oil & Gas SAS and PETROCI, will operate the block through a commercial carry arrangement, holding a 70% working interest and a 100% paying interest.
George Maxwell, VAALCO’s CEO, announced the company’s acquisition on Monday in a press release obtained by Energy in Africa.
Maxwell stated that the company is very excited to expand its footprint offshore Côte d’Ivoire.
“When we announced our entry into country in 2024 as a non-operating partner in the CI-40 block, we noted our excitement to be expanding our West African focus in a well-established and investment-friendly country.
“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,” he added.
Moreover, a new offshore project in Côte d’Ivoire is already underway, signaling renewed activity in the region’s oil sector.
By the end of 2025, crude oil production in Nigeria and other West African nations is expected to rise from 3.7 million to 3.9 million barrels per day, reflecting a steady recovery in the region’s oil industry.
Maxwell also stated that the company will operate the block with a 70% working interest and a 100% paying interest under the terms of the farm-in agreement.
The company will also cover its partners’ costs through the seismic reprocessing and interpretation phases on commercial terms.
Additionally, there is potential to drill up to two exploratory wells.
“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,” the company CEO said.
VAALCO believes the new block holds significant potential, prompting its $3 million investment to acquire its stake.
The CI-705 block is located in the resource-rich Tano Basin, about 70 kilometers west of VAALCO’s CI-40 block, home to the Baobab and Kossipo oil fields.
It also lies 60 kilometers west of Eni’s recent Calao discovery.
Block CI-705 encompasses about 2,300 km2 and has been sparsely explored, with only three wells drilled to date.
