Total and Eni to start oil exploration offshore Ivory Coast

Total and Eni to start oil exploration offshore Ivory Coast

Total and Eni to start oil exploration offshore Ivory Coast

/ Oil & Gas / Thursday, 18 July 2019 10:23

The Ivory Coast has signed a number of contracts with two oil and gas companies, Italy's Eni and France's Total, to explore four oil blocks worth an investment of $185 million, the Ivorian Ministry of Petroleum declared.

“We concluded the promotion of the oil blocks with the signing of four new Production Sharing Contracts (PSC) with two oil majors, Total E&P and Eni, for a minimum cumulative investment of USD185 million planned for all three exploration periods,” declared Ivorian Minister of Petroleum, Abdourahmane Cissé, at the opening in Yamoussoukro (center) of a seminar under the theme of “State of play and prospects of the oil and energy sectors”.

The Ivory Coast, a modest oil producer with 40,000 barrels a day, revised its petroleum code in 2015 to attract new investors, thanks to Production Sharing Contracts (PSC).

The country is encouraging oil companies to prospect in its waters in hopes of significantly increasing production.

The oil fields are mostly off-shore, near the border with Ghana.

In 2014, the French group Total had evoked a “very promising result” about its research in very deep waters off the Ivory Coast.

In addition to Total, several international companies, including Britain's Tullow Oil, have announced significant new discoveries in recent years.

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