Ivory Coast’s Minister of Mines, Petroleum and Energy Mamadou Sangafowa Coulibaly has joined the Angola Oil & Gas (AOG) 2024 conference – taking place on October 2-3 – to discuss the country’s emerging project and investment prospects. In addition to outlining hydrocarbon developments, Minister Coulibaly’s participation is expected to generate new opportunities for collaboration between Ivory Coast and Angola, as the West African nation aims to become a major African oil and gas producer.
Ivory Coast has achieved a series of milestones within its offshore market in recent months. From game-changing discoveries, to the start of production at the Belaine project, to the deployment of innovative net-zero technologies, the country is putting the pieces together to become a regional petroleum hub. To sustain upstream momentum, Ivory Coast is promoting investment in field development and exploration, with Minister Coulibaly set to provide further insight at AOG 2024.
AOG is the largest oil and gas event in Angola. Taking place with the full support of the Ministry of Mineral Resources, Oil and Gas; the National Oil, Gas and Biofuels Agency; the Petroleum Derivatives Regulatory Institute; national oil company Sonangol; and the African Energy Chamber; the event is a platform to sign deals and advance Angola’s oil and gas industry. To sponsor or participate as a delegate, please contact sales@energycapitalpower.com.
Ivory Coast achieved its second-largest oil discovery to date in March 2024, with Eni announcing light oil, gas and condensates at Block CI-205. Dubbed Calao, the discovery could likely hold as much as 1.5 billion barrels of oil equivalent. The Calao find follows the start of production at the first phase of the Baleine project – the largest hydrocarbon discovery made in the country – in August 2023. The country plans to start production at the second phase in December 2024, increasing output from 22,000 barrels per day (bpd) and 14 million cubic feet (mcf) to 60,000 bpd and 70 mcf, respectively. This will be achieved through the deployment of a second FPSO vessel and a new FSO vessel, anchored alongside the FPSO Baleine.
Beyond the second phase, project-developer Eni has plans to extend production capacity even further. The third phase targets an additional 70,000 bpd, bringing the total capacity to 150,000 bpd and 200 mcf. This will be supported by an investment of over $10 billion by the Italian multinational – showcasing its long-term approach to monetizing Ivorian oil and gas resources.
Angola has also attracted recent billion-dollar commitments to boost exploration and development offshore. Energy major ExxonMobil could invest as much as $15 billion in the offshore Namibe Basin following successful drilling. The company made a discovery at the Likember-01 research well in Block 15 in 2024, signaling strong upside potential for the producing asset. While Ivory Coast is still a nascent producer, collaboration between the two countries could serve to accelerate the pace of offshore projects.
In addition to being the largest oil discovery in Ivory Coast, the Baleine project is Africa’s first net-zero upstream project. By prioritizing the use of decarbonization technologies to ensure low-emission, high return production, the project aligns closely with the country’s energy transition strategy. Through the production of 200 mcf of gas, the country aims to boost domestic power generation, with an agreement already in place between the Ministry and Eni to supply gas for this purpose.
Similarly, Angola is leveraging innovative technologies to decarbonize its oil and gas operations. International energy company Azule Energy is pioneering the world’s first post-combustion CO2 capture plant installed on an offshore FPSO facility. The FPSO also integrates a number of electrification and automation technologies to achieve net-zero in terms of Scope 1 emissions by 2050. As such, opportunities for collaboration between Angola and Ivory Coast transcend exploration to include projects across the low-carbon oil and gas sector.
During AOG 2024, Minister Coulibaly will participate in a ministerial panel alongside energy and hydrocarbon ministers from Angola, the Republic of Congo, the Democratic Republic of the Congo and the African Petroleum Producers Organization. The panel – Bridging Borders: Leveraging the Oil & Gas Sector to Advance Regional Trade – will explore opportunities for mutual collaboration, trade, investment and strategies for enhancing regional integration across Africa.
