Murphy Oil Corporation has confirmed a significant oil discovery at its Bubale-1X exploration well offshore Côte d’Ivoire, validating the company’s high-risk exploration strategy and capping a three-well campaign with a find that could meaningfully reshape its growth trajectory.
The Bubale-1X well was drilled in a challenging water depth of 7,795 feet and encountered 100 feet of net oil pay containing high-quality light oil. The potential gross recoverable resource from the discovery is estimated at between 340 million and 850 million barrels of oil equivalent, a range that further solidifies Côte d’Ivoire’s emerging status as a key energy powerhouse in West Africa.
The find follows previous major successes by Italian energy giant Eni at the Baleine and Calao fields, adding to the country’s growing hydrocarbon prospects. Baleine, Côte d’Ivoire’s largest-ever hydrocarbon discovery, is currently in its second phase of development and is projected to eventually produce approximately 150,000 barrels of oil per day, a crucial step toward the national goal of reaching 200,000 barrels per day by 2028. These projects are also set to supply the domestic market with much-needed natural gas, strengthening the country’s energy security.
The Ivorian government has cultivated this favourable investment environment through a revised petroleum code and attractive fiscal terms designed to entice technically capable operators willing to take on frontier exploration risk — an approach that is clearly paying dividends as Côte d’Ivoire becomes one of West Africa’s most attractive destinations for upstream investment.
Source: BriefGlance