Tullow Oil announced the signing of a production sharing contract (PSC) for offshore exploration license CI-803 in Côte d’Ivoire. Tullow will operate the license with 90% equity, with the remaining 10% being held by PetroCi. The license covers an area of 1,345 sq km and is adjacent to license CI-524 which is also held by Tullow (90%, operator) and PetroCi (10%).
The work program for the initial two-and-a-half-year period for the contract includes reprocessing of existing 3D seismic data, along with prospect evaluation. In CI-524, a number of drill candidates are being matured while preparations continue for an exploration well to be drilled during 2024.
“This new license underscores our strong commitment to investing in and unlocking the resource potential in Côte d’Ivoire. Our exploration strategy is focused around existing producing fields in basins where we have a differentiated understanding, in this case through our deep understanding of the Tano Basin,” said Rahul Dhir, Tullow Oil CEO.