IVORY COAST SET TO BECOME AFRICA’S FIFTH LARGEST OIL PRODUCER BY 2035

Dramatic oil output surge planned as West African nation eyes massive production boost
Ivory Coast is preparing for an extraordinary transformation in its energy sector, with oil production expected to increase more than fivefold over the next decade. The ambitious expansion will see the country’s crude oil output reach at least 500,000 barrels per day by 2035, catapulting it into the ranks of Africa’s top five oil-producing nations.
Minister of Petroleum, Energy and Mines Mamadou Sangafowa-Coulibaly announced the aggressive production targets as the world’s leading cocoa producer positions itself as a major regional oil and gas player. The surge in output will be driven by recent offshore discoveries and new production facilities coming online.
Natural gas production is also set to soar, with daily output expected to reach 1 million cubic feet per day. Italian energy giant Eni SpA has made significant offshore hydrocarbon discoveries at the Baleine and Calao fields, with Baleine’s second phase already operational and producing 60,000 barrels per day. A third phase will more than double production to 150,000 barrels daily.
The timing couldn’t be more strategic, as oil prices surge following geopolitical tensions in the Middle East. Houston-based Vaalco Energy and Brazil’s Petrobras are in active discussions with state petroleum company Petroci to invest in up to 10 offshore oil blocks.
The nation expects more than $16 billion in oil sector investments by 2030, covering critical infrastructure including pipelines, tankers, and railways. Washington-based Yaatra Ventures has already secured an agreement to build the country’s second petroleum refinery, representing a potential $5.3 billion investment.
Source: bloomberg.com