(Abidjan) Ivory Coast, a modest producer of hydrocarbons, announced on Wednesday the “great discovery” of oil and natural gas off its coasts during an exploratory well by Italian hydrocarbon giant Eni.
Posted on Sep 1, 2021 at 3:55 pm
“A major discovery of oil in the Ivory Coast sedimentary basin has just been made by the Italian company Eni in the CI-101 block in the deep sea, which is operated in a consortium with the national company Petroci Holding,” said a statement from the Ivorian minister for Mining and Petroleum, Thomas Camara. “The discovered reserves relate to crude oil and associated natural gas”.
“The potential can provisionally be estimated at around 1.5 to 2 billion barrels of crude oil on the one hand and around 1,800 to 2,400 billion cubic feet of associated gas on the other,” reports Camara, “an important discovery, which is the proven reserves of Côte d’Ivoire and its own Oil and gas production would increase significantly in the coming years “.
In 2019, Côte d’Ivoire signed contracts with Italian Eni and French Total for the exploration of four oil blocks, representing an investment of 185 million dollars.
Oil production in Côte d’Ivoire, which rose by 12% in 2019 to more than 36,000 barrels per day, comes from wells that are mainly at sea near the border with Ghana.
Côte d’Ivoire, a humble producer, revised its Petroleum Code in 2015 to attract new investors thanks to production sharing agreements.
The country has 51 identified fields of which 4 are in production, 26 are in exploration and 21 are still open or under negotiation.
In 2014, the French group Total called a “very promising result” of its research in very deep waters off the Ivory Coast.
In addition to Total and Eni, several international companies, particularly UK-based Tullow Oil, have made important discoveries in recent years.