Investors are keenly studying Côte d’Ivoire’s economy rebounds and its newly found oil reserves give it the potential to become a top regional producer.
Côte d’Ivoire well poised to benefit from surging global energy needs
Organisers of the annual Africa Oil Week conference expect Côte d’Ivoire to be a major area of focus when African and global leaders in the oil and gas sector converge.
According to the market intelligence firm, Welligence, which focuses on the oil and gas sector, Côte d’Ivoire’s recent discovery is significant in terms of size and commercial opportunities.
Welligence reports that the Italian energy major, Eni, estimates the deep-water find in Baleine “holds 1.5-2 bnbbl of light oil-in-place and 1.8-2.4 Tcf of gas”.
“The new play could reinvigorate interest in Côte d’Ivoire’s Tano Basin. Eni is fast-tracking the development and may sanction Baleine Phase 1 before the end of 2022. This will be Côte d’Ivoire’s first major project in decades.
Associated gas production will be piped onshore, where the country has one of the most established gas-to-power markets in the region” states Welligence.
Organisers of the annual Africa Oil Week (AOW) conference expect Côte d’Ivoire to be a major area of focus when African and global leaders in the oil and gas sector converge in Cape Town from October 3rd – 7th 2022.
“Africa is the new energy frontier, offering a wide mix of energy solutions which could provide long term relief.
“This reality is likely to spark increased investment and exploration in coming years, and Côte d’Ivoire is well positioned to benefit” say the organisers.
States Welligence, “Eni has been successful in creating value from its exploration efforts across Africa. Given the scale of the Baleine development and the company’s 90% stake, we expect the Italian Major will look to reduce its exposure. But the significant capital outlay and entry costs will limit the pool of potential new entrants”.
In addition, the country is experiencing an economic boost with the International Monetary Fund projecting GDP growth at 6.5% in 2022 and 6.4% in 2023. At the same time the ratings agency Fitch upgraded the country’s long-term foreign currency issuer default rating from BB to B+ with a stable outlook.
“We look forward to hosting delegates from Côte d’Ivoire and assisting the country partner with leading stakeholders in the sector. Interest in Africa’s energy potential is at an all-time high” says AOW, the leading energy conference in Africa.
