Ivory Coast is rapidly emerging as a leading force in West Africa’s oil and gas sector. With abundant hydrocarbon reserves, progressive policies, and strategic partnerships, the country is positioning itself as a regional hub for energy production and exploration.
The African Energy Chamber (AEC) has lauded Ivory Coast’s efforts, highlighting its robust regulatory framework and innovative approaches as key drivers of this transformation. Led by Executive Chairman NJ Ayuk, the AEC engaged prominent global energy companies, including Halliburton, Africa Global Logistics, Sahara Group, and SLB, urging them to expand their operations in the country.
“Ivory Coast is not just a key player in West Africa’s energy sector; it is a model for what the future of African oil and gas development should look like.
“With progressive policies, a commitment to local content, and a willingness to embrace innovation, Ivory Coast is a beacon of sustainable and inclusive growth.”
NJ Ayuk, Executive Chairman of African Energy Chamber (AEC)
Ivory Coast has attracted significant investments by fostering a favorable business environment underpinned by attractive fiscal terms and efficient governance.
The government’s focus on reducing energy poverty, promoting local content, and supporting economic development has created a thriving ecosystem for oil and gas exploration.
The AEC underscored the importance of a “just energy transition,” emphasizing that oil and gas must remain integral to Africa’s energy future.
This approach balances the continent’s economic needs with global sustainability goals, ensuring that investments in hydrocarbons coexist with efforts to embrace renewable energy sources.
One of the country’s flagship projects is the Baleine field, a collaboration between Italy’s Eni and Ivory Coast’s national oil company, Petroci. This field, Africa’s first net-zero (Scope 1 and 2) hydrocarbon project, exemplifies the intersection of innovation and sustainability.
Currently producing over 22,000 barrels per day (bpd), the Baleine field is expected to reach 60,000 bpd and generate 70 million cubic feet of gas daily by the end of 2024.
In addition, Eni’s discovery in March 2024 of the Calao field in Block C1-205 further cements Ivory Coast’s position as a resource-rich nation.
Estimated to hold up to 1.5 billion barrels of oil, AEC noted this field has the potential to generate substantial revenues and create over 8,000 jobs. Production is expected to commence by 2026, further bolstering the nation’s energy security and economic growth.
Strengthening Local Content
Ivory Coast’s government has demonstrated a strong commitment to local content development. The recent approval of the National Upstream Local Content Policy is a step toward reducing reliance on foreign expertise by enhancing domestic capacity.
The policy, currently undergoing public consultations, seeks to increase local hiring, training, and contracting within the energy sector.
The AEC commended these efforts, urging oil operators to prioritize local workforce development and supply chain integration. Building domestic expertise not only enhances the sector’s sustainability but also ensures that the benefits of oil and gas development reach Ivorian citizens.
“Ivory Coast is not only focusing on exploration and production but also expanding its downstream capabilities.
“Petroci is leading initiatives in refining and petrochemicals, while Société Ivoirienne de Raffinage (SIR) plays a central role in meeting domestic energy demands.”
NJ Ayuk, Executive Chairman of African Energy Chamber (AEC)
The Ministry of Mines, Petroleum, and Energy has identified 26 additional blocks available for leasing, demonstrating its proactive approach to unlocking further hydrocarbon reserves.
Efforts are also underway to certify reserves in existing blocks, ensuring long-term sustainability and profitability.
Ivory Coast’s emergence as a powerhouse in West Africa’s oil and gas industry reflects its strategic vision and commitment to growth. With progressive policies, innovative projects, and a focus on local content, the country is setting benchmarks for the region.
The AEC’s engagement at SIREXE 2024 highlights the global recognition of Ivory Coast’s achievements. By balancing its hydrocarbon ambitions with sustainability goals, the nation exemplifies how Africa can lead in shaping the future of energy while fostering economic empowerment.
