Producer · Junior / Minor · Upstream · Oil-weighted · Oil · Africa · Canada
Last updated 21 June 2026
Data compiled from public filings — information only, not investment advice. AI‑assisted; see methodology.
Portfolio Aggregate · 1 project
Portfolio mode — asset rows are for context only; tab totals use the company aggregation.
VAALCO Energy Worldwide Upstream
Portfolio
Project information
As at 31 December 2025
Description
As at 31 December 2025
Consolidated upstream portfolio of VAALCO Energy, Inc., an African-focused independent E&P headquartered in Houston, Texas, with producing, development and exploration assets across Gabon, Egypt, Cote d'Ivoire, Equatorial Guinea and Nigeria (and Canada prior to the February 2026 divestment). Total net proved reserves at year-end 2025 were 42,983 MBOE (37,968 MBbl oil, 19,163 MMcf gas, 1,781 MBbl NGL), of which 41% proved developed. 2025 net production was 6,043 MBOE (5,590 MBbl oil, 1,449 MMcf gas, 212 MBbl NGL), ~92% crude oil. Reserves were evaluated by Netherland, Sewell & Associates. The consolidated standardized measure of discounted future net cash flows was US$410.0 million at year-end 2025. The portfolio is operated under production sharing contracts in Africa where the company recovers Cost Oil and a share of Profit Oil.
Portfolio Aggregate
Multiple effective dates · 1P
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Reserves & resources — detail
As at 31 December 2025
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Reserves walk · Gross (disclosed)
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Reserves walk · Net change by year
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Operating · 4 projects
Block CI-40 — Baobab Field (Cote d'Ivoire)
District · Ownership 27.4%
Project information
As at 31 December 2025
Description
As at 31 December 2025
Deepwater offshore oil field on Block CI-40 in the Tano/Ivorian Basin offshore Cote d'Ivoire, in which VAALCO holds a 27.4% non-operated working interest (30.4% paying interest), acquired through the April 2024 Svenska Petroleum acquisition. Baobab is produced to a dedicated FPSO with associated gas delivered onshore via subsea pipeline; the field has 24 subsea production wells and five water injectors. The FPSO ceased production in January 2025 for a planned dry-dock refurbishment (completed February 2026) and is expected to return to service in Q4 2026, so all wells were shut in at year end. The PSC term runs to April 2038.
Oil & Gas metrics
Multiple effective dates · 1P
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Oil & Gas inventory & footprint
Multiple effective dates
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Reserves & resources — detail
As at 31 December 2025
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Harmattan (Canada)
District
Project information
As at 31 December 2025
Description
As at 31 December 2025
Cardium light-oil and Mannville liquids-rich gas assets at Harmattan in the Western Canadian Sedimentary Basin, ~80km north of Calgary, Alberta, acquired through the 2022 TransGlobe combination. VAALCO held a 100% working interest in a large oil battery and a compressor station processing most oil volumes, with gas processed at a third-party plant. The Canadian assets were classified as held for sale at December 31, 2025 and divested in February 2026 (Canada Asset Divestment, ~US$25.5 million), representing VAALCO's complete exit from Canada; FY2025 production and year-end reserves are reported here as held during the year. Production was 32% oil, 36% gas, 32% NGL.
Oil & Gas metrics
Multiple effective dates · 1P
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Oil & Gas inventory & footprint
Multiple effective dates
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Reserves & resources — detail
As at 31 December 2025
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Etame Marin Block (Gabon)
District · Ownership 58.8%
Project information
As at 31 December 2025
Description
As at 31 December 2025
VAALCO's flagship operated asset, a producing offshore oil complex on the ~46,200-acre Etame Marin block ~20 miles offshore Gabon in ~250ft water depth, held under a production sharing contract running to 2028 with two five-year extension options. VAALCO holds a 58.8% working interest and is operator on behalf of the Etame Consortium; the block carries a 7.5% government back-in carried interest (rising to 10% and reducing VAALCO's WI to 57.2% from June 2026). The PSC includes 13% royalties and a Profit Oil share taken in-kind by the government. Production is 100% crude oil; a 2025 infill drilling program extended the Etame Field and added new PUD locations.
Oil & Gas metrics
Multiple effective dates · 1P
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Oil & Gas inventory & footprint
Multiple effective dates
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Reserves & resources — detail
As at 31 December 2025
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Egypt Western Desert (Merged Concession & South Ghazalat)
District
Project information
As at 31 December 2025
Description
As at 31 December 2025
VAALCO's operated onshore oil assets in Egypt's Western Desert, acquired through the 2022 TransGlobe combination, comprising the Merged Concession (PSC to 2035) and the South Ghazalat concession (currently to 2027). VAALCO holds its interests through a joint venture with a 100% working interest in both PSCs; production is 100% crude oil. A development drilling program continued in 2025. Crude is sold to a third party via cargo liftings or directly to EGPC. The largest contributor to 2025 production at 45% of the company total.
Oil & Gas metrics
Multiple effective dates · 1P
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Oil & Gas inventory & footprint
Multiple effective dates
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Reserves & resources — detail
As at 31 December 2025
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Development · 3 projects
Block P — Venus Development (Equatorial Guinea)
District · Feasibility · Ownership 60%
Project information
As at 31 December 2025
Description
As at 31 December 2025
Undeveloped offshore block in Equatorial Guinea where VAALCO is the designated operator with a 60% working interest. The company completed a feasibility study for a standalone development of the Venus field discovery and submitted a Plan of Development, which the EG Ministry of Mines and Hydrocarbons approved in September 2022. The PSC provides for a 25-year development and production period from first oil; a one-time US$6.8 million payment to the national oil company is due upon commercial production. No proved reserves are booked.
Oil & Gas metrics
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Oil & Gas inventory & footprint
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Kossipo Field — Block CI-40 (Cote d'Ivoire)
District · Pre-feasibility · Ownership 60%
Project information
As at 31 December 2025
Description
As at 31 December 2025
Oil field on Block CI-40 offshore Cote d'Ivoire where VAALCO became operator with a 60% working interest in February 2026, with a field development plan to be completed in the second half of 2026. Kossipo sits alongside the producing Baobab field on the same block. No proved reserves are booked pending the development plan.
Oil & Gas metrics
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OML 145 (Nigeria)
District · Development · Ownership 21.05%
Project information
As at 31 December 2025
Description
As at 31 December 2025
Non-producing offshore discovery on OML 145 offshore Nigeria in which VAALCO holds a 21.05% non-operated working interest. The discovery is not expected to be developed at this time. No proved reserves are booked.
Oil & Gas metrics
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Exploration · 2 projects
Block CI-705 (Cote d'Ivoire)
District · Exploration · Ownership 70%
Project information
As at 31 December 2025
Description
As at 31 December 2025
Offshore exploration block in the Tano Basin west of Block CI-40, into which VAALCO farmed in March 2025 as operator with a 70% working interest and a 100% paying interest through a commercial carry arrangement with two partners including the State Oil Company; acquisition costs were ~US$3.0 million. The block's first exploration period ends in May 2026; entry to the second period requires a commitment to reprocess seismic data and drill a well. No proved reserves are booked.
Oil & Gas metrics
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Niosi Marin & Guduma Marin Blocks (Gabon)
District · Exploration · Ownership 37.5%
Project information
As at 31 December 2025
Description
As at 31 December 2025
Two adjacent offshore exploration blocks in Gabon held by VAALCO as a member of the BWE Consortium under production sharing contracts with the Gabonese Government, with a 37.5% non-operating working interest. The Niosi Marin block (2,989 km2) has an initial five-year exploration period to 2029 with a commitment to acquire new 3D seismic and drill one well; the Guduma Marin block (1,929 km2) has an initial three-year period to 2027 with geological and geophysical study commitments. The blocks are adjacent to the Etame PSC. No proved reserves are booked.
Oil & Gas metrics
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Assumptions
- The projects listed here reflect the information captured in this workspace and are not necessarily a complete picture of the company's portfolio. For authoritative figures, refer to the company's official filings.
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How to read this tab
- The tables below list unit codes most often used in the Oil & Gas sector for this company. MetalPilot stores contained metal or product in the codes below; grade and tonnage use separate fields. In side-by-side comparison views (stock page Portfolio tab, watchlist By sector), heterogeneous source units are converted to each commodity's preferred display unit (for example Moz Au, kt Cu, MMbbl oil) before summing; the same canonical codes appear in project data.
What the Portfolio tab shows
- The Portfolio tab presents a project-level view of the company's reported assets, built from publicly disclosed information (technical reports, annual filings, MD&A, investor presentations, MRMR / R&R statements, NI 43-101 / NI 51-101 / SEC S-K 1300 / SEC S-K 1200 / JORC / SAMREC / PERC / PRMS / COGEH filings, and similar primary sources).
- Figures are grouped by project type (mining, oil & gas, royalty, stream, processing facility, development, portfolio aggregate) and are shown alongside the headline reserve base, headline production, headline grade / quality, cost benchmarks, estimated lifetime, commercial terms (for royalties / streams), operational capacity (for processing) and a single-figure rating where the underlying data supports one.
- Each data table on the Portfolio tab is followed by ONE Assumptions footnote describing the modelling choices for that table; KPI stat-card assumptions appear in the bottom block instead. All legal and section disclaimers are merged into a single disclaimer list at the bottom of the Portfolio tab.
Concepts in your sector — Oil & gas
- 1P/2P/3P — cumulative uncertainty. 1P = Proved (≥90%); 2P = Proved+Probable (≥50%, primary non-SEC metric); 3P adds Possible (≥10%). SEC filers often publish 1P only.
- Contingent (1C/2C/3C) = discovered, sub-commercial. Prospective (1U/2U/3U) = undiscovered. Neither feeds economic models without further work.
- Developed vs Undeveloped: PDP (producing), PDNP (developed non-producing), PUD (undeveloped). Reserves walk PUD→PDP is reclassification, not new discovery.
- BOE uses 6 Mcf gas : 1 bbl oil (thermal, not economic). Some issuers use 5.8:1 — read footnotes.
- Pricing case: Forecast vs Constant (NI 51-101/PRMS) or SEC 12-month average. Do not add cases together.
Portfolio tab — table guide
- Portfolio KPIs — company-level headline numbers aggregated from the featured projects (project counts, attributable annual production by commodity, attributable resource base by commodity, last filing date, operator share). USD value lines multiply attributable volumes by the resolved snapshot price.
- Portfolio snapshot — one-screen summary of the portfolio: counts by type and status, country mix, reporting standards used, operator share, primary commodity, attributable annual production summary and attributable resource base summary.
- Oil & Gas — one row per O&G project (typically a field, licence, play or basin asset), with columns for location, status, primary hydrocarbons, production (with rating), reserves & resources (with rating), costs and estimated lifetime.
- Royalty — one row per royalty interest held by the company. Columns cover the underlying project, operator, commodity, commercial terms (rate, type, cap, area-of-interest), attributable production, attributable reserves and estimated lifetime.
- Stream — one row per metal stream held by the company. Each row shows the underlying project, the streamed commodity, the headline stream percentage, the ongoing per-ounce / per-tonne payment, and attributable production / reserves.
- Processing facilities — one row per midstream / processing facility (pipeline, fractionator, LNG train, storage cavern, refinery, smelter, mill, heap-leach pad, CPP, etc.). Columns include nameplate capacity, contracted capacity, feedstock commodities and operational footprint.
- Development — projects in development status or in a pre-production lifecycle phase. The production column is re-labelled 'Targeted production (rating)' to highlight that the figures are plans, not actuals.
- Portfolio Aggregate — a single company-level row used when the company itself publishes a portfolio rollup (e.g. company-wide 2P barrels across all properties).
- Reserves & resources — detail — a leaf-category pivot showing every reserve and resource category disclosed across the projects.
- Reserves walk — gross (disclosed) — year-by-year reconciliation of the opening balance to the closing balance, broken into Extensions & discoveries, Revisions, Improved recovery, Purchases, Divestitures, Production and Conversion to developed.
- Reserves walk — net change by year — per-year summary of net additions and net deductions across the portfolio.
- NPV (grouped) — all NPV rows captured from the filings, grouped by commodity, resource category, development status and pricing case. Each NPV figure is shown with its discount rate, basis (before-tax / after-tax), currency and value scale.
Ownership / Working interest
- Ownership percentage means the company's working-interest share of the asset: its slice of the project before royalties and before government take. It is shown on a 0–100 scale.
- Mines, oil and gas fields, and processing facilities — this is how much of the asset belongs to the company under that working-interest idea. One hundred percent is fully owned; a lower number usually means partners share the rest.
- Royalties and streaming agreements — the percentage is often not the story; what matters economically is usually the royalty or stream rate, shown elsewhere alongside these figures.
- Oil and gas — read this as gross working interest only. Do not treat it as net production or net wells after royalties; when filings distinguish gross from net, that shows up in how the resource numbers themselves are labelled.
- Below 100% — the short summary for each project names other owners and their stakes when the source says who they are.
- NRI vs WI (O&G). Working interest (WI) is the obligation to pay a share of costs; net revenue interest (NRI) is the share of revenue after royalties and overriding-royalty interests. A 100% WI well rarely produces 100% NRI; typical onshore U.S. NRI is 75–87.5% of WI depending on the lease royalty.
- Operator vs non-operator. The operator runs day-to-day operations; non-operating partners pay their WI share of costs but do not run the asset. Some Portfolio rows show operator share where disclosed.
Hydrocarbon commodity — notes
- The Commodity column shows normalized labels; values are stored as snake_case CommodityCode strings in pkg/domain and project resource rows (for example shale_gas, oil_equivalent).
- Benchmarks and typical relationship cells are informal market context for reading disclosures — they are not MetalPilot price inputs.
Crude grade primer
- API gravity — lower = heavier. Light crude is ≥ 31.1° API (≤ 870 kg/m³); heavy is 22.3–31.1° API; extra-heavy is < 22.3°. Bitumen is ≤ 10° API.
- Sulphur — sweet vs sour. Sweet crude has ≤ 0.5% sulphur; sour > 0.5%. Refineries price the discount on sour crude into the differential.
- WTI vs Brent vs WCS. WTI (West Texas Intermediate, Cushing OK) is the U.S. light-sweet benchmark; Brent (North Sea) is the global light-sweet benchmark; WCS (Western Canadian Select) is the heavy/sour benchmark for Canadian production.
Unit codes, conversion cheat sheets, cost benchmarks (AISC, C1–C3), reporting standards (NI 43-101, JORC, SEC S-K 1300) and resource/reserve category definitions live in the full terminology & units reference.
Each table lists the numeric band for scores 1–5 (production and resource base; grade where applicable for mining commodities) using the same thresholds as project rating stat cards. Only commodities that appear on featured projects for this document are listed.
Oil equivalent (BOE)
Oil
Natural gas
NGL
Copper uses kt Cu bands (Mlb Cu when lb-scale copper resources appear on featured projects). Lithium grade uses hard-rock % Li₂O bands unless brine-style extraction or brine units appear on featured projects.
Assumptions
- Presented values are denominated in currency of the country where the company is headquartered. Values like market capitalization might differ from the values visible in other parts of the page, where the currency is always USD.
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