Cote d’Ivoire’s robust economy is expected to deliver strong economic growth, posting one of the fastest growth rates in Africa.
Côte d’Ivoire has proven oil reserves estimated at 100 million barrels and gas reserves of 1 trillion cubic feet – with the potential to become a medium-sized offshore oil producer.
In September 2021, the country had announced a find of deposits estimated at between 1.5 to 2 billion barrels of oil & around 1.8 to 2.4 trillion cubic feet (51 to 68 million cubic meters) of gas – expanding the potential of reserves by 25%.
Apart from this fresh discovery by ENI, international oil companies including Total & Tullow Oil have also announced significant offshore discoveries in recent years.
The Government is keen to increase production and had launched various incentives to improve the investment climate, with tax breaks & investment credits. Cote d’Ivoire provides for three types of oil contracts, namely the concession contract, the production sharing contract, and the contract on services with risks.
Many lucrative deep and ultra-deep exploration blocks have been delineated and are now open for negotiation. There are attractive opportunities in exploration, supply and production. The oil & gas equipment market offers exciting opportunities for international service and technology suppliers.
President Alassane Ouattara has said he wants Ivory Coast to become a major oil producer.
As of October 2022, the Côte d’Ivoire sedimentary basin encompasses 50 blocks – among which 14 are under contract, 11 under negotiation and 25 opened.
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Define your growth strategies and build fruitful partnerships at one of West Africa’s leading economies. Cote d’Ivoire presents an exciting future! We look forward to meeting you at WAOGPI 2023.