Ivory Coast Seeks to Accelerate Oil Growth as Upstream Investment Gains Momentum

Ivory Coast Seeks to Accelerate Oil Growth as Upstream Investment Gains Momentum

June 18, 2026
By Mintesinot Nigussie

Ivory Coast is positioning its oil and gas sector for faster expansion as the country advances major offshore developments, attracts new exploration activity and works to strengthen financing channels for energy projects.

The African Energy Chamber (AEC) held discussions with Ivory Coast’s Minister of Mines, Petroleum and Energy Mamadou Sangafowa Coulibaly on Tuesday in Abidjan, focusing on upstream growth, investment opportunities and reforms aimed at supporting the country’s energy ambitions.

The discussions highlighted progress in the country’s offshore basin, where international operators are expanding production and exploration activities. Eni’s Baleine field, developed in partnership with Petroci and Vitol, remains a central project in Ivory Coast’s production strategy, with a third development phase expected to raise output to about 150,000 barrels per day.

Beyond crude production, Baleine has also become strategically important for domestic energy security, with associated gas from the project supporting electricity generation.

Ivory Coast’s offshore activity is also set to expand through new drilling programmes. VAALCO Energy, working with CNR International on offshore Block CI-40, is preparing a drilling campaign following field upgrades, with production growth expected from 2026 through redevelopment, infill drilling and asset optimisation.

Exploration interest has also increased, with Murphy Oil planning a multi-well drilling campaign targeting offshore prospects including Civette, Caracal and Bubale between 2025 and 2026. The sector has attracted further international attention following Petrobras’ entry into Ivory Coast’s upstream market through the award of multiple offshore exploration blocks.

The AEC and government officials also discussed efforts to improve access to financing for African energy developments, including progress towards establishing the Africa Energy Bank. The initiative is expected to provide a dedicated financing platform to support energy projects and increase 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 AEC. “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.”

The Chamber also engaged with Africa Global Logistics (AGL), which is expanding its role as a logistics partner supporting Ivory Coast’s oil and gas industry. The company provides transport, supply chain and operational services to major operators including Eni, Murphy Oil and CNR International, while investing in logistics infrastructure to strengthen the country’s energy supply chain.

Further discussions with GES-Petrogaz, an oil and gas services association, focused on increasing local participation in the sector, developing domestic suppliers and expanding skills opportunities.

The Chamber also met with Société Ivoirienne de Raffinage (SIR), where officials discussed refinery expansion plans and efforts to strengthen energy security while supporting lower-carbon fuel production as part of Ivory Coast’s industrial development strategy.

Source: FSX Business News