Ivory Coast’s national oil company PETROCI and Guinea-Conakry’s national oil company SONAP signed a Memorandum of Understanding (MoU) in June for a collaborative effort to enhance oil exploration and production in Guinea, leveraging PETROCI’s extensive expertise and resources. The MoU includes support and technical assistance, knowledge exchange, training, and logistical support, underscoring the shared commitment to advancing the socio-economic development of Africa.

As PETROCI continues to expand its presence across the region, the company’s CEO Fatoumata Sanogo, along with a delegation, will participate in the African Energy Week (AEW): Invest in African Energy 2024 conference – scheduled for November 4-8 in Cape Town. Sanogo is set to discuss upcoming investment opportunities in Ivory Coast’s oil and gas sector as well as project updates and latest developments.

AEW: Invest in African Energy is the platform of choice for project operators, financiers, technology providers and government and has emerged as the official place to sign deals in African energy. Visit www.AECWeek.com for more information about this exciting event.

PETROCI is focused on establishing Ivory Coast as a central hub for petroleum products and is currently optimizing hydrocarbon resource development. The company has embarked on several noteworthy projects - including the Baleine oil field development - and partnerships with major players like Eni and TotalEnergies. The national oil company was also recently awarded Production Sharing Contracts (PSC) by the Ivorian government for Blocks CI-523 and CI-525 which contain the Ibex, Gnou, Kudu and Eland gas fields.

The acquisition comes amid increased interest in exploration following Eni and PETROCI’s discovery at the Baleine-1X well in 2021. This discovery, appraised by the Baleine East-1X well in 2022, confirmed around 2.5 billion barrels of oil and 3.3 trillion cubic feet of gas across blocks CI-101 and CI-802. By 2023, the FPSO Firenze set sail from Dubai and enabled the commencement of oil and gas production offshore Ivory Coast. The project is being developed in three phases, the first of which comprises production through the Belaine FPSO, which has a capacity of 15,000 barrels per day (bpd) and 25 million cubic feet per day (mscf/d) of gas. Production started in 2023. The second phase – expected to commence by the end of 2024 – will increase production to 50,000 bpd and 70 mscf/d while the third – slated for 2025 – will further boost output to 150,000 bpd and 200 mscf/d.

Baleine is also set to be Africa’s first net-zero upstream oil development regarding Scope 1 and 2 emissions. Utilizing innovative technology, the project minimizing environmental footprint, with residual emissions offset through various in-country initiatives. Specifically, in partnership with the Ivorian government and humanitarian organization AVSI, PETROCI is implementing a stove distribution program which eliminates the need for wood-fired cooking solutions. The program aims to reach up to one million people over the next decade, setting a standard for clean cooking solutions in Africa.

Beyond Baleine, PETROCI is collaborating with various IOCs and independent E&P firms to accelerate exploration in Ivory Coast. In March 2024, PETROCI along with its partner Eni made a discovery in Block C1-205 – named Calao. The Calao discovery suggest reserves ranging from 1 to 1.5 billion barrels of oil equivalent. Additionally, the NOC signed a PCS with Ice Oil & Gas for offshore block CI-705 last November, granting Ice Oil & Gas a seven-year exploration campaign with an investment of at least $40 million in hydrocarbon exploration. Moreover, E&P company Murphy Oil signed PSCs with the NOC for five Ivory Coast blocks, including shallow and deep offshore water areas, further underscoring PETROCI’s commitment to expanding the nation’s hydrocarbon potential.

“PETROCI’s strides in advancing oil and gas exploration in Ivory Coast not only exemplify the important role of NOCs but also underscores its impact on the broader West African energy landscape. Its collaboration with SONAP and ongoing projects like the Baleine field development demonstrate a commitment to leveraging expertise and enhancing regional partnerships to drive socio-economic growth,” states NJ Ayuk Executive Chairman of the African Energy Chamber.

At AEW: Invest in African Energy 2024, the PETROCI delegation will showcase the company’s ongoing projects, including expansions in storage facilities and improvements in transportation routes for petroleum products. The event will serve as a pivotal platform for engaging with industry leaders, financiers and government officials to further its mission of strengthening Ivory Coast’s role in Africa’s energy landscape.