Tullow Oil has signed a production sharing contract covering a promising block offshore the Ivory Coast, adjacent to its producing fields in neighbouring Ghana and about 25 kilometres southeast of Eni's huge Baleine oil and gas discovery.
The PSC relates to exploration licence CI-803 in the Tano basin and lies is adjacent to licence CI-524 which is also held by Tullow.
The London-based player will operate the 1345-square kilometre CI-803 with a 90% stake and will be partnered by state-owned Petroci on 10%, mirroring the holding the two companies have in CI-524.
Tullow said significant prospectivity has been identified within the Tano basin’s proven Cretaceous turbidite plays, similar to the adjacent plays which are producing oil and gas from the company’s Jubilee and Tweneboa-Enyenra-Ntomme (TEN) fields in neighbouring Ghana.
The work programme for the initial two and a half years includes reprocessing of existing 3D seismic data, along with prospect evaluation.
In CI-524, a number of potential prospects are being matured ahead of an exploration well being drilled during 2024.
Tullow chief executive Rahul Dhir said: “This new licence underscores our strong commitment to investing in and unlocking the resource potential in Cote d’Ivoire (Ivory Coast).
“Our exploration strategy is focussed around existing producing fields in basins where we have a differentiated understanding, in this case through our deep understanding of the Tano basin.”