Ivory Coast is rapidly establishing itself as a key player in West Africa’s oil and gas industry. Driven by forward-thinking policies, pioneering projects, and strategic international alliances, the country is poised to capitalize on its vast energy resources. A robust regulatory framework, attractive fiscal incentives, and a firm commitment to boosting local content have positioned Ivory Coast as a hub for global energy investments, according to the African Energy Chamber (AEC).
Key Energy Developments Highlight Ivory Coast’s Ambitions
Among the notable advancements, the Baleine field stands out as a symbol of Ivory Coast’s energy aspirations. Managed by Eni in partnership with the national oil company Petroci, the Baleine field is currently producing 22,000 barrels of oil per day. By the end of 2024, the field is expected to ramp up production to 60,000 barrels per day and 70 million cubic feet of gas daily. The project is also home to Africa’s first net-zero Floating Production, Storage, and Offloading Unit (FPSO), reflecting the country’s dedication to sustainable, low-carbon solutions while ensuring reliable energy supply for its growing economy.
Eni’s other significant find, the Calao discovery in Block C1-205, promises even greater potential, with up to 1.5 billion barrels of oil estimated in reserves. Slated for production by 2026, this discovery is expected to significantly enhance Ivory Coast’s oil output, generate substantial revenue, and create thousands of new jobs, further cementing the country’s position as an energy powerhouse in the region.
Boosting 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 dependence on foreign contractors by fostering domestic expertise and providing opportunities for local businesses and workers. This policy encourages job creation, training programs, and the development of local industries, ensuring that the country’s energy sector benefits its own citizens. Currently, extensive consultations are being held to refine this policy and ensure its successful implementation across the energy sector.
Strategic Partnerships and Major Investments
In recent months, Ivory Coast has secured a series 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, backed by an $80 million exploration investment over the next three years. This move signals strong foreign confidence in Ivory Coast’s energy potential and sets the stage for new discoveries.
Alongside Eni’s ventures, Elephant Oil has committed to expanding its onshore exploration operations by securing agreements for three additional blocks. This partnership is expected to unlock further hydrocarbon reserves and boost Ivory Coast’s domestic production. Similarly, Vaalco Energy’s acquisition of a stake in the Baobab field in March 2024 adds valuable capacity to the country’s energy output. Meanwhile, Ice Oil & Gas has also pledged $40 million to fund offshore exploration, further driving the country’s energy growth.
Murphy Oil, known for its extensive involvement in shallow and deepwater projects, continues to expand its footprint in Ivory Coast. The company is actively developing the Paon deep-water field while evaluating promising offshore blocks, including CI-531 and CI-709, signaling strong investor confidence in the country’s future energy prospects.
Expanding Downstream and Refining Capacities
The downstream sector plays a critical role in Ivory Coast’s long-term energy strategy. The state-run Petroci and Société Ivoirienne de Raffinage (SIR) are spearheading the country’s refining and petrochemical projects. With an increasing demand for refined products, the government has identified 26 blocks for leasing and is focused on certifying reserves in existing fields to meet domestic energy needs. These developments are critical as the country aims to diversify its energy infrastructure and become 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 the country for its combination of progressive policies, technological advancements, and local empowerment. “Ivory Coast is not just a key player in West Africa’s energy sector; it is setting a benchmark for sustainable and inclusive growth across the continent,” Ayuk remarked. The country’s ability to balance its focus on environmental responsibility with its energy ambitions is positioning it as a global leader in sustainable oil and gas production.
Looking Ahead: A Sustainable Energy Future
As Ivory Coast continues to expand its oil and gas operations, its commitment to a sustainable and balanced energy transition becomes increasingly evident. The government is determined to foster growth in both traditional oil and renewable energy sources, ensuring that the nation’s energy infrastructure remains resilient and able to meet long-term demand. Strategic partnerships will remain at the core of this vision, as the country continues to work with international investors and experts to drive innovation and capacity building across the sector. With an eye on the future, Ivory Coast is setting the stage for a thriving energy sector that will benefit not only its economy but also serve as a model for the wider African continent, positioning the nation as a beacon of sustainable development and economic growth.