Ivory Coast signs five sharing and production contracts with Murphy

The State of Ivory Coast, through Petroci Holding, has signed five Production Sharing Contracts (PSCs) with US-based Murphy Exploration & Production to intensify exploration in its sedimentary basin.

Presiding over the signing, the Minister of Mines, Oil and Energy, Mamadou Sangafowa-Coulibaly, expressed his satisfaction with the agreement covering oil blocks CI-102, CI-103, CI-502, CI-531 and CI-709.

"This American group gives us great hope. We have faith in our sedimentary basin, which has made two major oil discoveries. One in September 2021 and the other in July 2022. This shows just how attractive our sedimentary basin is," said Sangafowa-Coulibaly. He paid tribute to all those who make a point of promoting the Ivorian sedimentary basin.

According to Sangafowa-Coulibaly, the signing of these PPCs, which was no easy task for Murphy due to the negotiating skills of Petroci's agents and teams, is an opportunity to boost the development of Côte d'Ivoire's oil sector.

"We need to move fast, because we need energy. We place a lot of hope in this signing, and the President of the Republic, Alassane Ouattara, is expecting another oil discovery," insisted Sangafowa-Coulibaly.

Earlier, Eric Hambly, Executive Vice President of Groupe Murphy Exploration & Production, expressed his delight at this signing, which demonstrates the attractiveness of the Ivorian sedimentary basin.

Pétroci's acting Managing Director, Mélaine Koné, noted that this win-win partnership will enable Côte d'Ivoire to boost its gas capacity and help the electricity sector.

Hydrocarbons CEO Essé Kouamé Bienvenu explained that, apart from oil block CI-102, the other blocks are located in deep water. The award of these blocks to Murphy will enable us to step up exploration in the Ivorian sedimentary basin, and ultimately increase the supply of natural gas to the electricity sector.

Murphy Exploration & Production had expressed interest in the above-mentioned blocks in April 2022. This American company, based in Houston, Texas, began operations in 1921. It has producing assets in the USA and Canada, as well as exploration assets in Australia, Brazil, Brunei, Mexico and Vietnam. In Q1 2022, its production amounted to 141,000 barrels of oil equivalent per day, and its reserves at the end of 2021, not yet developed, are estimated at 717 million barrels of oil equivalent.