Ivory Coast announces new oil, gas discovery

Extraction expected to start in early 2023, says Mines, Petroleum Ministry

By James Tasamba

KIGALI, Rwanda (AA) – Ivory Coast on Thursday announced a fresh discovery of oil and natural gas off its eastern shore by Italian oil firm ENI.

A statement by the Mines and Petroleum Ministry said the latest discovery off Ivory Coast's eastern shore enhances the potential of the Ivorian sedimentary basin.

“The second discovery of crude oil and natural gas was made by the Italian oil company ENI and its partner PETROCI Holding in block CI-802 of the offshore sedimentary basin of Ivory Coast,” the ministry said.

This new discovery increases by about 25% the reserves initially announced of the said deposits, it added.

The extraction is expected to start in early 2023, about a year and a half after the first discovery.

Ivory Coast seeks to become a major oil producer, and the West African country’s current output is modest, roughly 30,000 barrels per day.

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