Oil & Gas

Ivory Coast is rapidly emerging as a powerhouse in West Africa’s oil and gas industry, driven by a solid regulatory framework, attractive fiscal terms, and innovative partnerships. The country’s significant hydrocarbon reserves and progressive policies have attracted investments from leading global energy companies, cementing Ivory Coast’s role as a regional hub for energy production and exploration. The African Energy Chamber (AEC) has praised the country’s efforts to create an environment where oil companies can thrive, acknowledging the government's commitment to energy development and economic growth.

This week, the AEC participated in the SIREXE 2024 conference in Abidjan, led by Executive Chairman NJ Ayuk. During the conference, the chamber engaged with global service companies like Halliburton, Sahara Group, and SLB, encouraging them to expand and innovate within the region. The AEC is committed to supporting Ivory Coast’s energy initiatives, focusing on reducing energy poverty, promoting local content, and fostering economic growth. As the country continues to expand its role in the regional oil and gas sector, the AEC stresses the importance of ensuring that the energy transition includes oil, advocating for a just transition that recognizes the ongoing relevance of oil while moving towards more sustainable energy sources.

Ivory Coast’s forward-thinking policies have laid a strong foundation for large-scale oil projects. The Baleine field, spearheaded by Eni in collaboration with Petroci, the country’s national oil company, stands as a prime example of successful partnership and efficient governance. Currently producing over 22,000 barrels per day, the field is set to scale significantly with plans to increase production to 60,000 barrels per day and add 70 million cubic feet of gas by the end of 2024. The Baleine project is notable for being Africa's first net-zero hydrocarbon initiative, featuring the continent’s first net-zero FPSO, reflecting Ivory Coast’s commitment to sustainability and decarbonization in energy production.

In addition to the Baleine field, Ivory Coast is seeing further growth with major discoveries and new partnerships. Eni’s Calao find, made in March 2024, is estimated to hold up to 1.5 billion barrels of oil, expected to generate substantial revenue and create thousands of jobs. The country’s government is also advancing local content policies, with the National Upstream Local Content Policy in development to reduce dependency on foreign expertise and build domestic capacity. International partnerships continue to thrive, with significant investments from companies such as Vaalco Energy, Ice Oil & Gas, and Murphy Oil, further solidifying Ivory Coast’s position as a key player in West Africa’s oil and gas sector.