As per the project timeline, the FPSO Baobab Ivoirien MV10, operated by Canadian Natural Resources International (CNRI), officially ceased its hydrocarbon production on January 31, 2025.
The final lifting of crude oil from the vessel is scheduled to occur around February 6, 2025.The project team has already begun mobilizing the necessary workforce, support vessels, and equipment required for the safe disconnection of the FPSO. Once this process is completed, the vessel is set to be wet towed to shipyards in Dubai for refurbishment.
This relocation is planned for March 24, 2025, after which it will undergo extensive upgrades.George Maxwell, CEO of Vaalco, expressed satisfaction with the progress of this key project, emphasizing the company’s commitment to ensuring a smooth and efficient transition for the disconnection and refurbishment of the FPSO.
He noted that, upon completion, the refurbished FPSO is expected to enable continued production until at least 2038, subject to the final regulatory approvals for the license extension and further investments.Maxwell also highlighted that the milestone reflects a significant step forward in meeting the company’s strategic objectives while upholding the highest standards of safety and operational excellence.
Furthermore, he pointed out that Vaalco had already recouped 1.8 times its initial net investment in Côte d’Ivoire within just eight months of closing the acquisition. The asset’s performance has also significantly exceeded the company’s expectations at the time of the purchase.
