Ivory Coast is quickly proving itself as a key player in West Africa’s oil and gas industry.
Ivory Coast is rapidly establishing itself as a key player in West Africa’s oil and gas industry. Driven by forward-looking policies, flagship projects, and strategic international alliances, the country is ready to tap into its vast energy resources. According to the African Energy Chamber (AEC), a solid regulatory framework, attractive financial incentives, and a strong commitment to increasing local content have positioned Ivory Coast as a hub for global energy investments.
Key Energy Developments Highlighting Ivory Coast’s Goals
Among the key developments, the Baleine field stands out as a symbol of Ivory Coast’s energy ambitions. Jointly operated by Eni and the national oil company Petroci, the Baleine field currently produces 22,000 barrels of oil per day. By the end of 2024, production is expected to rise to 60,000 barrels per day and 70 million cubic feet of gas. The project also hosts Africa’s first net-zero Floating Production, Storage, and Offloading Unit (FPSO), ensuring reliable energy supply for the country’s growing economy.
Another significant discovery by Eni, the Calao find in Block C1-205, holds even greater potential with estimated reserves of up to 1.5 billion barrels. Set to be brought into production by 2026, this discovery is expected to significantly increase Ivory Coast’s oil output, generate substantial revenue, and create thousands of new jobs, further cementing the country’s position as a regional energy hub.
Increasing Local Content and Economic Sovereignty
Ivory Coast’s energy strategy places significant emphasis on strengthening local participation in the sector. Through the National Upstream Local Content Policy, the government aims to reduce reliance on foreign contractors by encouraging local expertise and creating opportunities for local businesses and workers. This policy ensures that the country’s energy sector benefits its own citizens by promoting job creation, training programs, and the development of local industries. Comprehensive consultations are currently underway to enhance and ensure the successful implementation of this policy in the energy sector.
Strategic Partnerships and Major Investments
In recent months, Ivory Coast has secured a number of strategic international agreements to support its ambitious energy goals. In August 2024, the country signed a series of production sharing agreements (PSAs) with Eni for four offshore blocks, supported by an $80 million exploration investment over the next three years. This move signals strong foreign investor confidence in Ivory Coast’s energy potential while paving the way for new discoveries.
In addition to Eni’s initiatives, Elephant Oil has committed to expanding its onshore exploration operations with agreements for three additional blocks. This partnership is expected to uncover further hydrocarbon reserves and boost local production. Similarly, Vaalco Energy’s purchase of a stake in the Baobab field in March 2024 adds valuable capacity to the country’s energy output. Meanwhile, Ice Oil & Gas has committed $40 million to finance offshore exploration, further boosting the country’s energy growth.
Expanding Refining and Downstream Capacities
The downstream sector plays a critical role in Ivory Coast’s long-term energy strategy. State-run Petroci and Société Ivoirienne de Raffinage (SIR) are leading the country’s refinery and petrochemical projects. With rising demand for refined products, the government has designated 26 blocks for leasing and focused on certifying reserves in existing areas to meet local energy needs. These developments are crucial for diversifying the country’s energy infrastructure and for positioning Ivory Coast as a regional leader in refining and petrochemical production.
Ivory Coast as a Model for Africa’s Energy Future
Ivory Coast’s approach to energy development has been hailed as a model for the future of Africa’s oil and gas sector. NJ Ayuk, Executive Chairman of the African Energy Chamber, praised
