Vaalco Energy has assumed operatorship of the legacy Kossipo discovery offshore Ivory Coast and is working on a field development plan (FDP) for submission to the government in the second half of 2026. The company now holds a 60% working interest in the field, located in Block CI-40.

Field Background and Resources

Discovered in 2002 and appraised in 2019 with a well flowing over 7,000 barrels of oil per day, the Kossipo field has estimated contingent proven plus probable resources of about 102 million barrels of oil equivalent. The total resource in place is 293 million boe.

Development Plan and Rationale

While Vaalco did not detail the development plan, a likely scenario involves a subsea tieback to the Baobab Ivorien floating production, storage and offloading (FPSO) vessel. This FPSO, currently en route from refurbishment in Dubai, is due to arrive in Ivory Coast waters by late March. New ocean bottom node seismic data is driving and de-risking the updated evaluation and plan.

Shift in Operatorship and Stake

Vaalco initially secured a 27.4% non-operated interest in Block CI-40 through its acquisition of Svenska Petroleum in mid-2024. The shift to a 60% operated interest occurred after the block's operator, Canadian Natural Resources, chose not to participate in Kossipo to focus on its Canadian oil sands investments. State-owned Petroci holds the remaining interest as a paying partner.

Strategic and Financial Impact

An analyst described the change as "highly material," noting Vaalco gains about 37 million boe of additional resources, control over the development timeline, and operatorship. With first oil guided for 2030, the project's net production to Vaalco is expected to rise from an initial estimate of 12,000 boepd (based on a 27.39% stake) to over 24,000 boepd at plateau with the 60% interest. The Ivory Coast is now considered Vaalco's "most significant" asset base, adding meaningful depth and long-term value. The company's share price reacted positively to the news, rising approximately 5.6%.

Other Activity

Separately, offshore Gabon, Vaalco has spudded an infrastructure-led exploration well, West Etame, near its producing Etame field, which has a 57% chance of geological success.