Côte d'Ivoire approves oil production sharing agreements with Eni

On August 1, 2024, the Ivorian Council of Ministers announced the signing of production sharing agreements with Italian oil giant Eni, concerning four oil blocks located off the Ivorian coast. This agreement marks a crucial step in the country's energy strategy.

Under the terms of the agreement, Eni will invest a minimum of $80 million over an initial three-year exploration period in blocks CI-504, CI-526, CI-706 and CI-708. This initiative is part of Côte d'Ivoire's broader vision to strengthen its position in the oil and gas sector.

The world's leading cocoa producer, Côte d'Ivoire is now aiming to become a major player in oil and gas production in West Africa. The country plans to triple its oil production by 2027, thanks to recent discoveries of new deposits. This ambition is also reflected in significant investments in energy infrastructure and strategic partnerships with international companies such as Eni.

Eni's relationship with Côte d'Ivoire goes back a long way. Since the 1960s, through its subsidiary Agip Côte d'Ivoire, Eni has played a key role in the development of the Ivorian energy sector. Last year, Eni launched production on the Baleine oil field, which represents a considerable reserve with 2.5 billion barrels of oil and 3.3 trillion cubic feet of natural gas.

This new collaboration between Côte d'Ivoire and Eni is an important step towards achieving the country's energy objectives. By investing in the exploration and exploitation of new oil blocks, Côte d'Ivoire is not only strengthening its production capacity, but also its strategic position as a future regional energy hub. The expected economic and social benefits are considerable, promising a prosperous future for the country and its people.

The agreement signed with Eni is a significant milestone for Côte d'Ivoire, underlining its commitment to positioning itself as a regional leader in the energy sector. It remains to be hoped that this positive dynamic will translate into tangible and lasting progress for the Ivorian economy.