January 31, 2023

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Discovery of “large” oil and gas deposits in Ivory Coast

Ivory Coast, a moderate producer of hydrocarbons, announced on Wednesday that Italian oil company Eni had discovered “large” deposits of oil and gas during a drilling operation off its coast.

Ivorian Minister of Mining and Petroleum Thomas Camara said in a statement, “A major oil discovery in the sediment bed of C டிte d’Ivoire manages it in deep water on the Italian company Eni Block C-101. The formation of a consortium with the National Petroleum Holding Company.”

He added, “The discovered reserves are related to crude oil and the associated natural gas.”

The Minister explained in his statement that the volume in this volume is “about 1.5 to 2 billion barrels of crude oil on the one hand and about 1800 to 2400 billion cubic feet of related gas on the other.”

Camara stressed that “this important discovery will significantly increase C டிte d’Ivoire’s proven reserves and its oil and gas production in the coming years.”

In 2019, Ivory Coast signed $ 185 million worth of investment agreements with Italy’s Eni and France’s Total to explore for oil and gas in four oil volumes.

In 2019, Ivory Coast recorded a 12% increase in its oil production to over 36,000 barrels a day, but most of this oil comes from wells located on its shores near the Ghanaian border.

And Ivory Coast, a moderate oil producer, amended the laws on oil extraction in 2015 to attract new investors, thanks to production sharing agreements.

The country has 51 specific oil fields, four of which are under production, 26 sectors are under study and 21 sectors are still free or under negotiation.

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In 2014, the French group “Total” said its research activities in the deepest waters of Ivory Coast were “the most promising result”.

In addition to Total and Eni, a number of international companies, particularly Britain’s Tallow Oil, have announced major discoveries in recent years.