Ivory Coast Aims to Triple Oil Production by 2027
The Ivory Coast plans to triple its oil production by 2027, thanks to recent discoveries of oil and gas in the offshore fields of Baleine and Calao.
The world's leading cocoa producer hopes to become a major regional producer of oil and gas, as well as a regional energy hub.
During a joint parliamentary session held today, Ivorian President Alassane Ouattara announced that over $15 billion will be invested in the country's oil sector, adding that production will increase from 60,000 barrels per day to approximately 200,000 barrels per day by 2027.
Italian energy company Eni will invest $10 billion in the development of the Baleine field, which will take place in three phases between 2023 and 2027, ensuring this spectacular growth. The certified reserves of this field, discovered by the Italian energy group in 2021, are estimated at 2.5 billion barrels of oil and 3.3 trillion cubic feet of natural gas. The group also announced its discovery of Calao last March, with preliminary estimates indicating potential resources of between 1 and 1.5 billion barrels of oil.
The Ivory Coast's economic growth is expected to reach around 7% between 2024 and 2027, President Ouattara also declared, adding that the country will remain the economic engine of the French-speaking region of West Africa. A significant step forward for Abidjan, which consolidates its profile as one of the most attractive destinations on the continent.