Ivory Coast: Ivory Coast Exploration (ICE) signs a Production Sharing Contract for Block CI 705

The conference room of the Ministry of Mines, Petroleum and Energy hosted a production sharing contract signing ceremony for Block CI 705, offshore Fresco, between state-owned Petroci Holding and Ivory Coast Exploration (ICE) Oil and Gas

The Minister of Mines, Petroleum and Energy, Mamadou Sangafowa-Coulibaly, welcomed the signing of the agreement, which reflects the vision of the President of the Republic, Alassane Ouattara, on the contribution of the extractive industries to inclusive growth. This, through the valorization and promotion of local content.

"Today's signing has a singular character, in that it is the first time we have signed with an Ivorian company made up of national experts. For me, it's an opportunity to reiterate the President of the Republic's vision of the contribution of the extractive industries to inclusive growth", explained Minister Mamadou Sangafowa-Coulibaly.

For the Minister of Mines, Energy and Petroleum, this signature should serve as a precedent.

"We're going to review the oil code and the mining code. We're going to apply the law on local content. And make sure that those who have national expertise get together with those who have national capital to create national champions. As far as I'm concerned, there should be no discrimination. We're going to create the conditions so that any national who has the expertise can prosper", Mamadou Sangafowa-Coulibaly made it very clear.

The contract signed today covers a 7-year operating period.

Jacques Ayekoue N'Da, President of ICE Oil and Gas, said he was delighted to have the opportunity to sign a production sharing contract with the government, and thus participate in oil exploration as a private Ivorian group. "Thank you to President Alassane Ouattara, who has decided to open up the oil sector to Ivorians", he said.

Implementation of this contract will require an investment of around 23 billion CFA francs over 7 years. The contract provides for a shared profit with 53% for the State and 47% for national investors.

ICE Oil and Gas is a simplified joint-stock company incorporated in 2022 under Ivorian law, based in Abidjan. It is owned by Ivorians, experts in the oil and gas sector, and operates mainly in the hydrocarbons and energy sectors.