Latest news with #VAALCO
Zawya
a day ago
- Business
- Zawya
VAALCO Energy Scales Up African Operations, Joins African Energy Week (AEW) 2025 as Platinum Partner
U.S. oil and gas company VAALCO Energy has begun refurbishing its FPSO facility at the Baobab field in Block CI-40, offshore Ivory Coast. The modernization is set to increase production beyond the current 2,891 barrels of oil equivalent per day and extend the field's economic life. A new drilling campaign is planned for 2026 to further develop both the Baobab field and the nearby Kossipo discovery. In addition, VAALCO farmed into Block CI-705 as operator in March 2025, reinforcing its long-term commitment to Ivory Coast's energy sector. In line with the African Energy Week: Invest in African Energies agenda – which centers on maximizing resource development to end energy poverty and drive industrial growth – VAALCO Energy is participating in the 2025 edition as a Platinum Partner. Held under the theme, Invest in African Energy: Positioning Africa as the Global Energy Champion , this year's event will spotlight the contributions of companies like VAALCO in unlocking the continent's estimated 125 billion barrels of crude oil and 620 trillion cubic feet of natural gas. With over 600 million people in Africa lacking access to reliable electricity and 900 million without clean cooking solutions, Africa's hydrocarbon resources remain critical to closing the energy access gap. Recognizing this, VAALCO is expanding its investments and footprint across key African markets. In Gabon, the company operates the Etame Marin block with a 58.8% working interest and is preparing to launch a new drilling campaign in Q3 2025. To support its efforts in both Gabon and Ivory Coast, VAALCO secured a $300 million revolving credit facility from Standard Bank of South Africa in March 2025. In Egypt, VAALCO brought five new wells online in 2025, boosting daily output and enhancing regional energy stability. The company also identified new reserves and a production zone during a Q4 2024 exploration campaign. Its Egyptian portfolio spans the Eastern Desert – including the West Gharib, West Bakr and North West Gharib concessions – as well as the South Ghazalat concession in the Western Desert. Meanwhile, in Equatorial Guinea, VAALCO is progressing toward FID for the Venus field development in Block P, with front-end engineering and design currently underway. Drilling is set to commence following FID, with first oil targeted for 2026. As the company scales up its operations across the continent, AEW: Invest in African Energies offers a strategic platform for VAALCO to engage with partners, investors, buyers and regulators and to solidify its role in advancing Africa's industrialization. 'VAALCO Energy's growing footprint across Africa speaks to the vast opportunities available on the continent. Their commitment to investing in infrastructure, boosting production and supporting local economies aligns perfectly with our mission to position Africa as a global energy frontier,' states Tomás Gerbasio, VP of Commercial and Strategic Engagement, African Energy Chamber. Distributed by APO Group on behalf of African Energy Chamber. About African Energy Week: AEW: Invest in African Energies is the platform of choice for project operators, financiers, technology providers and government, and has emerged as the official place to sign deals in African energy. Visit for more information about this exciting event.
Yahoo
21-05-2025
- Business
- Yahoo
VAALCO Energy (EGY) is Among the Energy Stocks that Lost the Most This Week
The share price of VAALCO Energy, Inc. (NYSE:EGY) fell by 12.01% between May 13 and May 20, 2025, putting it among the . Let's shed some light on the development. A busy oil & gas rig on the horizon, revealing the depths of the Etame Marin block's activity. VAALCO Energy, Inc. (NYSE:EGY) is a leading African-focused oil and gas operating company with a strong production and reserve base and a diverse portfolio of assets in Côte d'Ivoire, Egypt, Equatorial Guinea, Gabon, and Canada. The stock of VAALCO Energy, Inc. (NYSE:EGY) surged earlier this month after the company posted results for its Q1 2025. EGY's adjusted EPS of $0.06 was in-line with market expectations, while its revenue of $110.33 million beat expectations by over $5 million. The company also declared a cash dividend of $0.0625 per share. So the recent decline in share price could be due to profit-taking by investors, as well as the slight decrease in the price of crude oil over the last week. While we acknowledge the potential of EGY to grow, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns, and doing so within a shorter time frame. There is an AI stock that went up since the beginning of 2025, while popular AI stocks lost around 25%. If you are looking for an AI stock that is more promising than EGY but that trades at less than 5 times its earnings, check out our report about this cheapest AI stock. READ NEXT: 10 Cheap Energy Stocks to Buy Now and 10 Most Undervalued Energy Stocks to Buy According to Hedge Funds Disclosure: None. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
