Ivory Coast Shines as Top Oil Investments Destination

Ivory Coast is advancing its enviable credential as oil and gas investment top spot in the West African region, as it continues to rake in multi-million-dollar exploration and production investments.

- 

In August 2024, Eni cemented its pivotal role in the West African country's bourgeoning oil and gas industry with the acquisition of four new offshore blocks-CI-504, CI-526, CI-706 and CI-708 all proximate to its Calao discovery in CI-205.

Ivory Coast etched its name in international oil partnership as the Ministry of Mines, Petroleum and Energy reached a concession with the Italian oil major by signing production sharing agreements (PSAs) for the offshore blocks, promising to invest $80 million in exploration over three years.

The West African country has continued to develop international partnerships to progress its oil and gas sector. In March 2024, Vaalco Energy acquired a 27.39% stake in Baobab field with the purchase of Svenska Exploration and the deal is worth $66.5 million. The Baobab field located offshore is expected to increase substantially Vaalco's operation in the country.