Middle East / Africa

Country profile: Cote d'Ivoire

Location:

Western Africa, bordering the North Atlantic Ocean, between Ghana and Liberia

Climate:

tropical along coast, semiarid in far north; three seasons - warm and dry (November to March), hot and dry (March to May), hot and wet (June to October)

Terrain:

mostly flat to undulating plains; mountains in northwest

Size:

322460 sq. km total (Land area: 318000 sq. km Water area: 4460 sq.km)

Population:

18,373,060

Languages:

French (official), 60 native dialects with Dioula the most widely spoken

Government:

republic; multiparty presidential regime established 1960 note: the government is currently operating under a power-sharing agreement mandated by international mediators

Capital city:

Yamoussoukro

Legal system:

based on French civil law system and customary law; judicial review in the Constitutional Chamber of the Supreme Court; accepts compulsory ICJ jurisdiction, with reservations

Currency:

Communaute Financiere Africaine franc (XOF); note

Licensing:

Country profile

Côte d’Ivoire’s oil industry started to take off in 2001 during a period of civil war. By 2007, oil exports represented 28 percent of the governments export revenues, surpassing cocoa and coffee, the country’s traditional export commodities. The majority of Côte d’Ivoire’s electricity is generated through natural gas-powered stations with hydroelectricity accounting for around 20 percent. While gradually becoming a net oil exporter, International Energy Agency (IEA) data indicates that more than half of domestic energy needs are met by combustible renewables and waste, mainly in the form of biomass.

There are several foreign companies participating in the Ivorian oil industry and, as of May 2008, Côte d’Ivoire became a candidate country for the Extractive Industries Transparency Initiative (EITI). As such, it has two years to become compliant with the EITI criteria and undergo validation. Membership could further boost foreign investment in the oil, natural gas and mining sectors.

Cote d'Ivoire's economy is heavily reliant on agriculture. The country's primarily exports include cocoa, coffee and timber. Together, the revenues from these exports make up approximately 40% of Cote d'Ivoire's gross domestic product (GDP), and approximately 70% of the total export earnings.

The West African state of Ivory Coast is known more as an oil refining country rather than as an oil producing one. While it does not have the prolific offshore oil fields of Nigeria, it does possess a modest upstream oil industry.

Its recoverable oil reserves have been estimated at 100 million barrels and recoverable gas reserves at 1.1 Tcf. Oil producing fields are Lion and Panthere (condensates).

The national oil company, Petroci, was established in 1975. Petroci was restructured in 1998 and four new entities were created: Petroci Holding, a fully state-owned company that is responsible for the state's portfolio management in the oil sector and the three subsidiaries; Petroci Exploration-Production, responsible for upstream hydrocarbon activities; Petroci-Gaz, responsible for development of the gas sector; and Petroci Industries-Services, responsible for all other related services. Up to 49% interest in the three subsidiaries is available to private sector investors. Petroci's role currently includes the development and maintainance of the main database on Cote d'Ivoire's oil assets, and the assumption of minority participation - generally between 5% and 15% - in the offshore ventures operated by international companies.

The gas reserves discovered in the 1980’s have begun to be developed and utilised. The main producing fields are Panthere, Kudu, Eland, Ibex, Gazelle and Foxtrot. The Ivory Coast is poised to become a regional gas exporter.

The downstream sector is an important part of the economy. Côte d’Ivoire has a complex refinery at Abidjan with an adjacent bitumen plant. The state’s interest in both plants has been scheduled for privatisation. The refinery receives crude via pipeline from the Lion and Panthere fields. It also receives crude from Nigeria. A major pipeline project from Côte d’Ivoire to Cameroon is being planned.

The Ivory Coast is self sufficient in producing refined petroleum products and is also a major supplier to the West African region. Six major oil companies are involved in marketing products in Côte d’Ivoire as well as the local PetroIvoire.

The Foxtrot offshore gas field was discovered along with the Panthere gas and condensate field in 1993 and the Lion oilfield in 1994, both of which came on stream in the mid 1990’s. The product is intended for use in local power generation with excess being sold to Ghana. Addax reworked the aging Espoir oil field in 1996, and a consortium led by Ranger Oil intend to develop the abandoned field at a cost of $250 million with initial production being estimated at 20,000 to 25,000 bpd.

Energy production and consumption

Oil

Gas

Production:

57,700 bbl/day (2005 est.)

1 billion cu m (2005 est.)

Consumption:

27,000 bbl/day (2005 est.)

1 billion cu m (2005 est.)

Exports:

85,780 bbl/day (2004 est.)

Imports:

76,730 bbl/day (2004 est.)

Reserves:

250 million bbl (2007 est.)

27 billion cu m (2006 est.)

Major fields:

Cote d'Ivoire - recent news

24 Jul 24	Cote d'Ivoire: FPSO Petrojarl Kong and FSO Yamoussoukro ready to leave for Cote d'Ivoire for phase 2 of Baleine project Eni has announced that the naming ceremony of the Floating Production, Storage and Offloading Unit (FPSO) Petrojarl Kong and the Floating Storage and Offloading Unit (FSO) Yamoussoukro was held today in Dubai. The two vessels will significantly increase production from the Baleine field, located offshore Côte d'Ivoire, the largest discovery ever made in the country.
06 Jun 24	Cote d'Ivoire: PGS begins depth reprocessing of Cote d’Ivoire 2D data To provide better insight into the prospectivity of deepwater Côte d’Ivoire, PGS has started the depth reprocessing of almost 8,000 line km of GeoStreamer and conventional 2D data. The Côte d’Ivoire 2D PSDM reprocessing will provide improved depth imaging in the deepwater Ivorian and Tano Basins over unlicensed blocks.
14 May 24	Cote d'Ivoire: CGG launches two new 3D reimaging projects near Côte d’Ivoire’s world-class discoveries CGG, in association with Côte d’Ivoire's Direction Générale des Hydrocarbures (DGH) and PETROCI, has announced two new multi-client 3D reimaging programs, CDI24 Phase I (3,120 km2) and Phase II (6,610 km2). Both projects are supported by the industry, with Phase I commencing immediately and Phase II planned for H1 2025.
30 Apr 24	VAALCO Energy announces closing of accretive all cash Svenska acquisition VAALCO Energy has closed the acquisition of Svenska Petroleum Exploration, an exploration and production company based in Stockholm, Sweden. As previously disclosed, Svenska’s primary asset is a 27.39% non-operated working interest in the deepwater producing Baobab field in Block CI-40, offshore Cote d’Ivoire in West Africa. Net purchase price of $40.2 million was fully funded by cash on hand with no issuance of debt or equity.
04 Apr 24	Cote d'Ivoire: President Mattarella visits Eni's projects in Côte d'Ivoire Eni today (April 4) welcomed the President of the Italian Republic Sergio Mattarella at its facilities in Abidjan. The meeting comes as part of President Mattarella's first State visit to Côte d'Ivoire. The President visited a gas transportation facility along the road to Grand Bassam. Gas produced from the Baleine field is fed into the Ivorian energy grid, powering electricity generation in the country.