By 2027, Ivory Coast anticipates a threefold increase in oil output

President Alassane Ouattara of Ivory Coast stated on Tuesday that the country anticipates a more than threefold rise in oil production by 2027, driven by new oil and gas finds at its offshore areas in Calao and Baleine, West Africa.

The top producer of cocoa in the world aspires to become a significant regional producer of gas and oil as well as a hub for energy in the region.

More than $15 billion is anticipated to be invested in the nation’s oil industry, Ouattara informed a joint session of parliament, adding that by 2027, output will increase from 60,000 barrels per day (bpd) to almost 200,000 bpd.

Ouattara predicted a “spectacular leap.”

Ten billion euros will be spent by Italy’s Eni (ENI.MI), opens new tab, in the three phases of the Baleine field’s development that will begin in 2023 and end in 2027.

The Italian energy group found the Baleine field in 2021. Its certified reserves are anticipated to be 2.5 billion oil barrels and 3.3 trillion natural gas cubic feet.

Preliminary estimates of the group’s Calao discovery, which it reported in March, suggest potential resources of between one and 1.5 billion barrels of oil.

Ivory Coast is predicted to continue being the economic leader of the French-speaking West African region, with President Alassane Ouattara stating that the country’s growth is estimated to reach roughly 7% between 2024 and 2027.