Over the past two years, oil company VAALCO Energy has significantly increased its investments in Gabon, aiming to bolster the production capacity of its assets in the country.
Meeting with Gabonese Minister
VAALCO Energy is planning a substantial investment of 180 billion CFA francs (approximately $300 million) in oil exploration and production in Gabon. This was revealed during a meeting on Tuesday, July 2nd, between Mays Mouissi, the Minister of Economy and Investments, and George Maxwell, the CEO of the company.
Investment Plan for 2025
According to Maxwell, this investment will be part of the company’s 2025 investment plan. It aims to stimulate VAALCO Energy’s oil and gas production operations in the country, particularly concerning the ETAME oil permit, the company’s sole operated asset with a 58.8% operating interest.
Strengthening Influence in Gabon’s Oil and Gas Sector
Through this investment, VAALCO Energy aims to reinforce its influence in Gabon’s oil and gas sector. This strategy extends beyond Gabon, as the company is actively working to expand its operational footprint across the continent.
Expanding African Presence
In line with this expansion strategy, the company recently acquired a 27% stake in the Baobab oil field in Côte d’Ivoire a few weeks ago. This acquisition brings VAALCO Energy’s African oil and gas assets to three, including its 45.9% stake in Block P in Equatorial Guinea.