COTE D’IVOIRE is poised to see a more than threefold increase in its oil output by 2027, thanks to recent oil and gas discoveries in the Baleine and Calao offshore fields. President Alassane Ouattara made the announcement on Tuesday, projecting a substantial boost in the nation’s energy sector.
Speaking to a joint session of parliament, President Ouattara detailed plans for the country’s oil sector, which will see over $15bn in investments. This influx of capital is expected to ramp up oil production from the current 60,000 barrels per day (bpd) to about 200,000 bpd by 2027. ‘It will be a spectacular leap,’ Ouattara emphasised.
Key investments and discoveries
Italy’s energy giant Eni is a significant player in this transformation. The company has committed to investing $10bn to develop the Baleine field, which will occur in three phases from 2023 to 2027. Discovered in 2021, the Baleine field boasts certified reserves of 2.5 billion barrels of oil and 3.3 trillion cubic feet of natural gas.
Eni’s recent Calao discovery in March also adds to the country’s promising outlook, with preliminary estimates suggesting potential resources ranging between 1 billion and 1.5 billion barrels of oil.
Economic impact
President Ouattara highlighted that these developments position Ivory Coast to become a major regional oil and gas producer and a significant energy hub in West Africa. The country’s economic growth is forecast to hover around 7 percent between 2024 and 2027, reinforcing its status as the economic powerhouse of French-speaking West Africa.
Recent unrest
Meanwhile, Cote d’Ivoire has experienced civil unrest. Police recently used stun grenades, tear gas, and water cannons to disperse crowds participating in the ‘Occupy Parliament’ demonstration.
This surge in oil production and the accompanying investments mark a pivotal moment for the country, promising robust economic growth and greater regional influence in the energy sector.
