Ivory Coast Bets on Oil Boom With New Drilling and Investment Push

June 19, 2026
By Mintesinot Nigussie

Ivory Coast is seeking to accelerate its oil and gas expansion through new offshore developments, increased exploration activity and investment reforms as the West African producer positions itself as a growing energy market.

The country’s energy ambitions were discussed this week during meetings between the African Energy Chamber (AEC) and Ivory Coast’s Minister of Mines, Petroleum and Energy, Mamadou Sangafowa Coulibaly, with officials reviewing upstream growth, investment opportunities and sector development plans.

Ivory Coast has attracted renewed attention from international energy companies following rising production and increased drilling activity across its offshore basin. The government is seeking to build on recent discoveries and projects while strengthening the frameworks needed to support long-term industry growth.

The Baleine offshore project, operated by Eni in partnership with Petroci and Vitol, remains a central part of the country’s production strategy. The project’s third phase is expected to raise output to around 150,000 barrels per day and continues to supply associated gas for domestic electricity generation.

Further drilling activity is also being prepared across producing assets. VAALCO Energy and CNR International are planning new offshore drilling operations in Block CI-40 following field upgrades, with production increases expected from 2026 through redevelopment and asset optimisation efforts.

Exploration activity is also gaining momentum, with Murphy Oil preparing a multi-well campaign targeting offshore prospects including Civette, Caracal and Bubale during the 2025-2026 period. Ivory Coast has also seen renewed interest from international investors, including Petrobras’ entry through the award of multiple offshore exploration blocks.

Discussions also covered financing mechanisms for African energy projects, including progress toward establishing the Africa Energy Bank. The initiative is intended to expand access to capital for energy developments across the continent by increasing participation from public and private investors.

"What we are seeing in Ivory Coast is not incremental progress, it is a clear acceleration of upstream momentum," said NJ Ayuk, executive chairman of the African Energy Chamber.

"With major projects advancing, new exploration entering the market, and financing frameworks taking shape, the country is positioning itself as one of Africa’s most compelling energy investment destinations," he added.

The AEC also held discussions with Africa Global Logistics on the company’s role in supporting the country’s oil and gas supply chain. The logistics group provides transport, operational support and infrastructure services to energy operators including Eni, Murphy Oil and CNR International.

The chamber also met with GES-Petrogaz, an association representing local oil and gas service providers, to discuss increasing domestic participation, skills development and opportunities for local businesses within the energy value chain.

Further talks with Société Ivoirienne de Raffinage focused on plans to expand refining capacity, improve energy security and support the development of lower-carbon fuels as part of Ivory Coast’s industrial strategy.

Source: FSX Business News