Tullow Oil announced that it has acquired 90% stakes in four onshore blocks in Côte d’Ivoire. Petroci, the national oil company of Côte d’Ivoire, holds the remaining 10%. The four blocks – CI518, CI519, CI301 and CI302 – cover 5,035 sq km and are located on the coastline of Côte d’Ivoire, mostly to the west of Abidjan.
Tullow believes that this acreage will complement its existing exploration portfolio as the blocks are located in a proven petroleum system, indicated by multiple oil seeps and past production from the Eboinda oil sands. If commercial discoveries are made, the maturity of Côte d’Ivoire’s oil industry suggests a relatively short and low-cost path to production. Tullow intends to initiate work immediately on these licenses to allow a full tensor gradiometry survey to start in early 2018. This early survey data will be used to assess the potential of the licenses and guide future acquisition of seismic data.
Tullow has worked in Côte d’Ivoire for 20 years both as an explorer and as a producer and holds a non-operated position in the Espoir field, which produces approximately 4,000 bopd net to Tullow.
Paul McDade, Chief Executive Officer, commented, “I am very pleased to have signed the licenses for these blocks in Abidjan and look forward to exploring again in Côte d’Ivoire. We have a long history in Côte d’Ivoire, having been in country since 1997, and I am excited about the potential that these blocks, with their proven petroleum system, offers.”