VAALCO Energy, Inc. today announced a significant milestone in its Côte d’Ivoire Floating Production Storage and Offloading (FPSO) Dry Dock Refurbishment Project.
As scheduled, hydrocarbon production from the FPSO Baobab Ivoirien MV10, operated by Canadian Natural Resources International (CNRI), ceased on January 31, 2025. The final lifting of crude oil is expected to occur around February 6, 2025.
The company has initiated mobilization efforts, deploying necessary support vessels and equipment to safely disconnect the FPSO. The vessel is planned to be wet towed to shipyards in Dubai for refurbishment on March 24, 2025.
“We are pleased with the progress of this critical project,” said George Maxwell, VAALCO’s Chief Executive Officer. “This refurbishment is expected to extend the productive life of the FPSO until at least 2038, subject to regulatory approvals and further investment. This milestone underscores our commitment to maximizing value from our Côte d’Ivoire operations.”
VAALCO has experienced strong performance since acquiring its Côte d’Ivoire assets, exceeding initial investment expectations.
This project is a key step in VAALCO’s long-term strategy for its Côte d’Ivoire operations, ensuring continued production and maximizing value for shareholders.