- Advertisement -spot_img
28.2 C
HomeBusinessIvory Coast projects tripling oil output by 2027 amid major offshore discoveries

Ivory Coast projects tripling oil output by 2027 amid major offshore discoveries

- Advertisement -spot_img

Ivory Coast anticipates a more than threefold increase in its oil output by 2027, driven by recent significant oil and gas discoveries at the Baleine and Calao offshore fields, President Alassane Ouattara announced on Tuesday.

The West African nation, renowned as the world’s top cocoa producer, is positioning itself to become a major regional oil and gas producer and energy hub.

Addressing a joint session of parliament, President Ouattara highlighted that over $15 billion is expected to be invested in the country’s oil sector, forecasting a rise in output to approximately 200,000 barrels per day (bpd) from the current 60,000 bpd by 2027. “It will be a spectacular leap,” Ouattara remarked.

READ ALSO: Thailand Senate approves marriage equality law, leading southeast Asia in LGBT rights

Italy’s Eni has committed $10 billion to the development of the Baleine field, with the project set to proceed in three phases from 2023 to 2027.

The Baleine field, discovered by Eni in 2021, holds certified reserves estimated at 2.5 billion barrels of oil and 3.3 trillion cubic feet of natural gas.

Additionally, Eni’s Calao discovery in March indicated potential resources ranging between 1 billion and 1.5 billion barrels of oil.

President Ouattara also projected that Ivory Coast’s economic growth will hover around 7% from 2024 to 2027, reinforcing the country’s status as the economic powerhouse of French-speaking West Africa.

Join Our Mailing List!

* indicates required
- Advertisement -spot_img
- Advertisement -spot_img
Must Read
Related News
- Advertisement -spot_img