ABIDJAN, June 18 (Reuters) – Ivory Coast expects to more than triple its oil production by 2027 following significant oil and gas discoveries in the Baleine and Calao offshore fields, President Alassane Ouattara announced on Tuesday.
The world’s leading cocoa producer aims to establish itself as a major oil and gas player and a regional energy hub. Addressing a joint session of parliament, Ouattara revealed that over $15 billion is anticipated to be invested in the country’s oil sector, with production projected to rise from 60,000 barrels per day (bpd) to approximately 200,000 bpd by 2027.
“It will be a spectacular leap,” Ouattara stated.
Italian energy company Eni has committed to investing $10 billion to develop the Baleine field over three phases from 2023 to 2027. Discovered by Eni in 2021, the Baleine field contains certified reserves of 2.5 billion barrels of oil and 3.3 trillion cubic feet of natural gas.
In March, Eni announced the discovery of the Calao field, with preliminary assessments suggesting potential resources of 1 billion to 1.5 billion barrels of oil.
President Ouattara also projected Ivory Coast’s economic growth to average around 7% between 2024 and 2027, reinforcing the country’s status as the economic powerhouse of French-speaking West Africa.