Vaalco delivered another successful quarter. (Image source: Adobe Stock)

Vaalco Energy has highlighted the acquisition of operatorship and 70% interests in CI-705 block offshore Ivory Coast in its update for the first quarter of 2025 

The farm-in agreement took place in March with Ivory Coast Exploration Oil & Gas and Petroci. While the water depth across Block CI-705 can potentially reach around 2,500 m, three wells in the area has undergone light exploration till date.

Belonging in the prolific Tano Basin, the CI-705 block lies approximately 70 km off the West of Baobab and Kossipo oil fields, also operated by Vaalco. While Kossipo awaits development work in the near future, the company has currently sent the Baobab Floating Production Storage and Offloading vessel for refurbishment before it is ready for drilling activities by 2026. 

"In Cote D’Ivoire, we commenced the FPSO refurbishment project and are preparing for a drilling campaign in 2026 to augment the production and economic life of the Baobab field," said George Maxwell, Vaalco’s chief executive officer. 

The company reported promising results from Egypt, where all five wells were brought online, with boosted production levels. To top that, new reserves and a new production zone were discovered in the Bakr formation as well, which is currently being reviewed for flow improvement because of its heavy oil presence. 

In Gabon too additional production was reported, whereby the Ebouri 4-H well flowed for over four months, and the H2S concentration is within modeling expectations.

“We delivered another successful quarter, once again meeting or exceeding our guidance...We continue to execute our strategic vision, with multiple accomplishments achieved in the first quarter that lay the foundation for profitable growth in 2025 and beyond," said Maxwell. 

Also read: 

  Vaalco Energy prepares for West Africa work 

Vaalco to deploy Borr Drilling's rig offshore Gabon 

Vaalco Energy reports strong Q2 in 2024

Chevron is excited about its portfolio in the Eastern Mediterranean. (Image source: Adobe Stock)

With an aim to advance reach in the West Star block, US energy major Chevron has initiated talks with the Egyptian government

The area lies in the south of ExxonMobil’s major Cairo and Masry blocks in the deep offshore near the Cyprus border.

This is an addition to Chevron's earlier bid for two out of the 12 blocks that the Egyptian Natural Gas Holding Company (EGAS) had opened for investors. Chevron is awaiting finalisation of the awards in the next few months.

Following a US$5bn acquisition of Noble Energy in 2020, Chevron has been strengthening its footprint in the East Mediterranean, undeterred by the current industry turbulences.  

“We are excited about our entire portfolio in the Eastern Mediterranean,” believes CEO Mike Wirth. “We have got some good exploration acreage in the offshore Egypt area that we brought to the table as well and the expectation is for some exploration wells there in the coming couple of years,” he said.

Chevron is willing to invest around US$$120mn in the West Star concession in the northeast Mediterranean following approval from the Ministry of Petroleum.

Each block revealed 10 billion barrels of crude. (Image source: Adobe Stock)

Turkey has recovered commercially viable hydrocarbons from two out of the three exploration blocks that it operates in Somalia 

Promising 10 billion barrels of crude from each of the blocks, the discovery puts the East African country in line with the globally reputed, resources-rich West African regions.

While preliminary drilling is completed and geological surveys conducted in both the blocks, the third block is still under exploration. Turkey will be doing laboratory analysis to determine the quality and grade of the oil from the third block, presumably by August. 

Turkey has got itself a sweet deal with Somalia agreeing to 90% stake in revenues for Ankara from offshore oil production. While it has drawn considerable scepticism, Somalia's President Hassan Sheikh Mohamud said that "This is not about favoring Turkey." He added, "Rather, Turkey is the first to step up and show real commitment to invest."

The Capricornus 1-X well falls under PEL 85. (Image source; Adobe Stock)

Rhino Resources has found good petrophysical properties minus water contact from Capricornus 1-X exploration well in Namibia’s Orange Basin

Spudded with the Noble Venturer drillship, the Lower Cretaceous target was reached at total depth, revealing 38m of net pay. Hydrocarbon samples and sidewell cores were collected through intensive wireline logging operations. The rig will now be released following temporary plugging and abandonment of the well. 

A production test was also conducted across the light oil-bearing reservoir. The well achieved a surface-constrained flow rate in excess of 11,000 stb/d on a 40/64” choke. The light 37° API oil exhibited limited associated gas with less than 2% CO2 and no hydrogen sulphide. Fluid samples collected from the test will be put to laboratory studies.

The Capricornus 1-X that falls under Petroleum Exploration License 85 is operated by Rhino Resources with a working interest of 42.5%. Co-venturers are Azule Energy (42.5%), Namcor (10%), and Korres Investments (5%) – bp and Eni each hold a 50% interest in Azule Energy.