OIL PRODUCTION : Côte d’Ivoire aims to triple its revenue by 2027
[abelainfo] - The country plans to increase its oil production to 200,000 barrels per day by 2027, more than triple its current production of 60,000 barrels per day. The country plans to invest $15 billion to achieve this ambitious goal, thanks to the exploitation of newly discovered deposits.
The Ivorian nation wishes to assert its position as a regional oil power by tripling its black gold production by 2027. This new strategic orientation was announced by President Alassane Dramane Ouattara in a speech on Tuesday, June 18.
Currently, Côte d’Ivoire produces around 60,000 barrels of oil per day. However, the Head of State indicated that a massive investment of $15 billion would be deployed over the 2023-2027 period in order to increase this production volume to 200,000 barrels per day. This spectacular increase in Ivorian production would double the production of the Senegalese Sangomar oil field, recently commissioned, and far exceed the 110,000 barrels per day produced in Niger.
This ambition is notably based on the exploitation of the offshore Calao oil field, discovered last March and containing estimated reserves of 1.5 billion barrels. The Italian oil group Eni, which identified this new field, also announced in November 2023 a $10 billion investment plan to develop the Baleine offshore field, discovered in 2021.
By becoming a major oil player in the sub-region, Côte d’Ivoire intends to strengthen its economic influence in West Africa. The country, the world’s leading producer of cocoa, has recorded solid economic growth in recent years, reaching 6.9% in 2022 and 6.4% in 2023 according to World Bank data. This oil windfall should allow it to consolidate its status as a regional economic engine.
However, this Ivorian oil ambition also raises questions about the energy transition and the environmental impact of this intensification of hydrocarbon exploitation. The authorities will have to ensure that these economic and ecological challenges are reconciled in the years to come.
Sorelle Ninguem
