Ivory Coast Projects Tripling of Oil Output by 2027 with Major Offshore Discoveries

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ABIDJAN, June 18 (Reuters) – Ivory Coast anticipates more than tripling its oil production by 2027, thanks to significant oil and gas discoveries in the Baleine and Calao offshore fields, President Alassane Ouattara announced on Tuesday.

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The world’s leading cocoa producer aims to establish itself as a major regional oil and gas player and a regional energy hub. Addressing a joint session of parliament, Ouattara revealed that over $15 billion is expected to be invested in the country’s oil sector, with production projected to rise from 60,000 barrels per day (bpd) to approximately 200,000 bpd by 2027.

“It will be a spectacular leap,” Ouattara declared.

Italian energy company Eni (ENI.MI) has committed to investing $10 billion in developing the Baleine field, which will be executed in three phases from 2023 to 2027. Discovered by Eni in 2021, the Baleine field boasts certified reserves of 2.5 billion barrels of oil and 3.3 trillion cubic feet of natural gas.

In March, Eni announced the discovery of the Calao field, with preliminary assessments indicating potential resources of 1 billion to 1.5 billion barrels of oil.

President Ouattara also projected Ivory Coast’s economic growth to average around 7% between 2024 and 2027, reinforcing the country’s position as the economic powerhouse of French-speaking West Africa.

By Naija247news
By Naija247newshttps://www.naija247news.com/
Naija247news is an investigative news platform that tracks news on Nigerian Economy, Business, Politics, Financial and Africa and Global Economy.

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