Ivory Coast Unlocks Deepwater Prospects
Ivory Coast has made headlines in recent months, as it pursues ambitions to become a major regional oil producer. Earlier this week, Italian major Eni announced the discovery of light oil, gas and condensates in the country’s offshore Block CI-205 as part of its Murene 1X exploration well. Estimated to hold potential resources of 1.5 billion barrels of oil equivalent, the Calao discovery is the second-largest made in the country – after the Baleine field in 2021 – and signals significant offshore
At the upcoming Invest in African Energy (IAE) forum, Ivory Coast and its deepwater prospects will be showcased through a dedicated country spotlight. Exploring partnership and investment opportunities across Africa’s energy value chain, the two-day forum will connect global investors, service providers and developers with projects open to private sector participation and financing. Following a series of game-changing discoveries, Ivory Coast has emerged as a principal target of upstream investment, and features associated opportunities in deploying net-zero technologies and advancing gas monetization initiatives.
Organized by Energy Capital & Power, IAE 2024 (https://apo-opa.co/
Ivory Coast currently produces 30,000 barrels per day (bpd), owing to the Baleine discovery that was fast-tracked into production last August. Three months later, Eni announced plans to invest $10 billion in the development of the field across three phases between 2023 and 2027. As a result, the field’s production is expected to increase from 30,000 bpd to 200,000 bpd by 2027. The operator has already awarded a ubsea Umbilicals, Risers and Flowlines contract to offshore services provider Saipem for EPCI works taking place later this year. Meanwhile, Ivorian explorer ICE Oil & Gas signed a PSA for offshore Block CI-705 last November, representing the first entry of an indigenous company into the country’s offshore exploration scene.
As a modern producer, Ivory Coast is prioritizing the use of decarbonization technologies to reduce the carbon footprint of hydrocarbon exploration and extraction, as well as integrating natural gas within its transition strategy. Eni has stated plans to make the Baleine field the first net-zero emissions project in Africa, and its second phase of development is set to enable the production of 200 million cubic feet of natural gas per year by 2027. Following the start-up of the field, Ivory Coast’s Ministry of Mines, Petroleum and Energy signed a contract with Eni to supply natural gas for electricity production. With the third-largest electricity system in West Africa, Ivory Coast holds the potential to become a major regional electricity hub, supported by new gas-to-power generation capacity.
