Ivory Coast Secures ExxonMobil Oil Block Deals

Ivory Coast’s oil minister announced the signing of production-sharing agreements with ExxonMobil for two ultra-deepwater blocks in the Gulf of Guinea. The deal covers Ivory Coast’s CI-602 and CI-603 blocks, which cover 3,874 and 5,543 square kilometers, respectively, and vary in depth from 3,000 to 4,000 meters. “The maximum exploration period is nine years for each block, and, in the case of a commercial discovery, the length of the contract will be 25 years,” Oil and Energy Minister Adama Toungara said.

Ivory Coast is seeking investors for seven new ultra-deepwater blocks and held a promotional event in Houston, Texas, in October. Prime Minister Daniel Kablan Duncan said his government was also in negotiations with Norway’s AGR Group for a production sharing agreement for the CI-101 and CI-524 blocks and with France’s Total for CI-605.

Source: africanenergycouncil.org