Ivory Coast has been in the spotlight recently due to its efforts to become a major oil producer in the region. Eni, an Italian major, announced the discovery of light oil, gas, and condensates in the country’s offshore Block CI-205 through its Murene 1X exploration well. The Calao discovery is estimated to have potential resources of 1.5 billion barrels of oil equivalent, making it the second-largest discovery in the country after the Baleine field in 2021, and highlighting significant offshore prospectivity.
At the upcoming Invest in African Energy (IAE) forum, Ivory Coast and its deepwater prospects will be highlighted through a dedicated country spotlight. This forum aims to explore partnership and investment opportunities in Africa’s energy value chain by connecting global investors, service providers, and developers with projects open to private sector participation and financing. Ivory Coast has become a key target for upstream investment following several game-changing discoveries, offering opportunities in deploying net-zero technologies and advancing gas monetization initiatives.
Organized by Energy Capital&Power, IAE 2024 (https://apo-opa.co/3UMOOtQ) is an exclusive forum designed to facilitate investment between African energy markets and global investors. Taking place on May 14-15, 2024 in Paris, the event provides two days of engagement with industry experts, project developers, investors, and policymakers. For more information, visit www.Invest-Africa-Energy.com. To sponsor or participate as a delegate, contact sales@energycapitalpower.com.
Currently, Ivory Coast produces 30,000 barrels per day (bpd) due to the fast-tracked production of the Baleine discovery last August. Eni plans to invest $10 billion in the field’s development across three phases between 2023 and 2027, increasing production from 30,000 bpd to 200,000 bpd by 2027. Eni has awarded a contract to Saipem for EPCI works on the field, and ICE Oil&Gas signed a PSA for offshore Block CI-705 last November, marking the entry of an indigenous company into the country’s offshore exploration scene.
Ivory Coast is focusing on decarbonization technologies to reduce the carbon footprint of oil exploration and extraction and is integrating natural gas into its transition strategy. Eni aims to make the Baleine field the first net-zero emissions project in Africa and plans to produce 200 million cubic feet of natural gas per year by 2027. Following the field’s start-up, Ivory Coast’s Ministry of Mines, Petroleum and Energy signed a contract with Eni to supply natural gas for electricity production, supporting the country’s potential to become a regional electricity hub.
Distributed by APO Group on behalf of Energy Capital&Power.