The Ministry of Mines, Petroleum and Energy of Ivory Coast has signed Production Sharing Contracts (PSCs) with independent energy company Elephant Oil for three onshore blocks. The signed PSCs cover Blocks CI-520, CI-521, and CI-522, setting the stage for a collaboration between Elephant Oil and the Ivorian national oil company, Petroci.
Under the agreements, Elephant Oil and Petroci will jointly explore and produce hydrocarbons in these blocks over a seven-year period. The profit-sharing arrangement will see the Ivorian government receive 52.5% of the profits, with the remaining 47.5% shared between Elephant Oil and Petroci. Elephant Oil will hold an 80% stake in the blocks’ share of profits.
Ivory Coast’s Minister of Mines, Petroleum and Energy, Mamadou Sangafowa Coulibaly, highlighted the significance of the deal. “This agreement is a critical step towards unlocking the country’s onshore hydrocarbon potential,” Coulibaly stated. He noted that Ivory Coast has already experienced success with offshore exploration, including the Calao discovery in March 2024 and the Baleine discovery in 2021.
This new initiative aims to build on the country’s growing oil and gas sector and further develop its domestic energy resources.
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