VAALCO Energy, Inc. has announced a significant milestone in its Côte d’Ivoire Floating Production Storage and Offloading vessel (FPSO) Dry Dock Refurbishment Project.

In alignment with the project timeline, the FPSO Baobab Ivoirien MV10, operated by Canadian Natural Resources International (CNRI), has ceased hydrocarbon production as scheduled on January 31, 2025. The final lifting of crude oil from the vessel is set to take place on or around February 6, 2025.

The project team has commenced mobilization efforts, deploying the necessary workforce support vessels and equipment to facilitate the safe disconnection of the FPSO. The vessel is planned to be wet towed to the shipyards in Dubai for refurbishment upon departure from the field on March 24, 2025.

“We are pleased with the progress of this critical project and remain committed to ensuring a smooth and efficient transition for the FPSO disconnection and refurbishment which we expect, when complete, will allow production to continue until at least 2038, subject to the final regulatory approvals on the license extension and further investment,” said George Maxwell, Vaalco’s Chief Executive Officer.

“This milestone represents another step forward in delivering on our strategic objectives while maintaining the highest standards of safety and operational excellence. We have already been paid back 1.8x¹ our initial net investment in Côte d’Ivoire in the eight months since closing and the performance of the asset has tracked well ahead of our expectations at the time of the acquisition.”

MODEC was awarded the Baobab Project in July 2003 from CNR International (Côte d'Ivoire) S.A.R.L. for the development of the Baobab Field Offshore Côte d'Ivoire.

The Baobab Development Plan called for the provision of a deepwater turret moored FPSO connected via an external turret mooring system to a series of subsea manifolds.

The FPSO is installed in 970 meters water depth, making it one of the deepest water FPSOs in the world. It is capable of processing 70,000 barrels of oil per day, 75 million cubic feet of natural gas, and 100,000 bpd of water injection. The facilities are designed and installed for ease of future in-situ expansion of topsides capacity. The Baobab FPSO came online in August 2005. MODEC operates the FPSO.