In Ivory Coast, the authorities announce a new major hydrocarbon discovery, this is the “Calao” deposit. Located 45 kilometers offshore, this discovery was made by the Italian group ENI in partnership with the national company Petroci. A discovery which reassures the authorities in their desire to continue the development of hydrocarbon activities.
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Estimates currently indicate reserves of around 1 to 1.5 billion barrels of oil. A major discovery according to Bienvenu Essé, Director General of Hydrocarbons: “ It presents itself as the second most important discovery in the country, explains the general director of hydrocarbons. This is a major discovery. All substances contained in the deposit will be produced, including oil and natural gas. Ivory Coast depends largely on natural gas for the production of electricity and for industrial use. Oil will be produced concomitantly with gas, depending on its specifications, the market and local needs. It can also be exported. »
The State expects direct revenue from the exploitation of this deposit: more than half of the profit, but also the creation of jobs, including 1,500 direct permanent and 7,000 indirect.
Focus on new investments
The authorities hope that this new discovery will also encourage new investments. “ With this discovery, it is clear that the potential of our basin is proven. In 2021, we made a world-class discovery. With “Calao” today, we can say that the potential is more than proven. The country enjoys socio-political stability and a good “Doing Business” index. The regulatory, legislative and even contractual framework is very attractive so we will be very happy to be able to continue to build economic partnerships for the intensification of oil research in Côte d’Ivoire, recalls Bienvenu Essé. We call on all investors, all partners wishing to invest in oil exploration and production in Côte d’Ivoire for more oil research, for more prospecting in order to achieve other equally major discoveries . »
Out of 50 blocks, 29 have not yet been officially allocated. Regarding the “Calao” deposit, the authorities hope to see it put into operation by 2026. And according to the International Energy Agency, with the development of renewable energies, no new major oil extraction projects and gas is needed in the world. The agency also highlights that by 2030, investments must reach $4.55 trillion each year to lead the energy transition.
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