Oil and Gas in Côte d'Ivoire: State of Play, Outlook and Strategic Implications

Executive Summary

Côte d'Ivoire's oil and gas sector is undergoing a significant transformation, driven by recent major discoveries and ambitious national development plans. The Ivorian sedimentary basin is experiencing a renaissance, marked by substantial discoveries in fields such as Baleine and Calao. These deposits are poised to considerably increase the country's production capacity, reshaping its energy landscape and strengthening its role as a regional energy hub. The government's strategic investment plans, combined with robust regulatory frameworks and an emphasis on local content, aim to maximize economic spillovers while navigating global energy transition trends. The country's commitment to transparency, notably through initiatives such as the EITI, further enhances its attractiveness for investment.

1. Introduction: Overview of the Hydrocarbons Sector in Côte d'Ivoire

Côte d'Ivoire's oil industry began to gain prominence in 2001, even in the midst of civil conflict. By 2007, oil exports accounted for 28% of the government's export revenue, surpassing traditional agricultural products such as cocoa and coffee. This marked a decisive turning point in the country's economic drivers. Although Côte d'Ivoire has been engaged in oil and gas production for nearly three decades, the sector went through a period of stagnation over the past twenty years. However, recent major discoveries have ushered in a new phase of growth and renewed momentum.  

At the end of 2022, the Ivorian sedimentary basin was structured into 50 blocks: 9 under active exploration, 4 in production, 1 awaiting development, 10 under negotiation and 26 open. This configuration indicates a dynamic and actively managed exploration and production landscape, signaling significant future potential. The main crude oil and natural gas production blocks in Côte d'Ivoire are offshore and include CI-11 (Lion and Panthère fields), CI-26 (Espoir field), CI-27 (Foxtrot, Mahi, Marlin and Manta fields), CI-40 (Baobab field), and the highly important CI-101 & CI-802 (Baleine field).  

The historical and ongoing development of the oil and gas sector provides a crucial path to economic diversification, thereby reducing the nation's vulnerability to the inherent volatility of global agricultural markets. This diversification strategy considerably strengthens Côte d'Ivoire's overall economic resilience to external shocks, contributing to the country's impressive stability and growth trajectory, as confirmed by IMF assessments. This historic shift, in which hydrocarbons became a significant source of revenue, represents a deliberate and successful pivot in national economic strategy. It positions the energy sector as an increasingly vital pillar for future growth, energy security and macroeconomic stability, going beyond traditional economic foundations.  

A large number of blocks (26) remain open, with another 10 under negotiation within the 50-block sedimentary basin. The Ivorian government is actively stepping up promotion campaigns for these blocks and exploration activities. This proactive and welcoming approach, particularly after recent major discoveries such as Baleine and Calao, signals a strong national commitment to accelerating resource development. It aims to firmly establish the country as an attractive and reliable investment destination in the West African energy landscape. The vast inventory of available and negotiated blocks, combined with targeted promotion efforts, suggests a clear long-term strategic vision to develop the sector considerably beyond current producing fields. This strategy is designed to ensure sustained growth, strengthen energy security and elevate Côte d'Ivoire's energy standing at the regional and global levels.  

2. Current State of Oil and Gas Production and Reserves

Crude oil production: Trends and key fields

At the end of December 2023, Côte d'Ivoire's crude oil production stood at 10,752,196 barrels, an average daily output of 29,458 barrels (bpd). This figure represents a notable 15.61% increase over 2022 production (9,300,556 barrels). The main catalyst for this increase in output was the start of production at the Baleine field on August 27, 2023. This was supplemented by good performance on other established blocks: CI-11 (+39.48%), CI-26 (+15.29%), CI-27 (+9.33%), CI-40 (+8.87%), and CI-101/CI-802 (Baleine field) (+25.57%). The vast majority of crude oil produced in Côte d'Ivoire is destined for export. In 2022, exports accounted for 84.10% of total production , a figure that rose further to 92.20% in 2023. It is important to note a discrepancy in crude oil production figures reported by different sources. While and (economie-ivoirienne.ci) consistently report 29,458 bpd for 2023, Worldometers (citing 2016 data) indicates 50,357 bpd, and (Trading Economics, citing the EIA) reports 73,000 bpd for March 2025. This suggests significant recent fluctuations, varying reporting methodologies, or differences in the scope of what is included (for example, crude only versus crude plus condensate/natural gas liquids). For the 2023 figures, the economie-ivoirienne.ci data are preferred because of their specificity and detail for that year.  

Natural gas production: Trends and domestic use

Natural gas production in 2023 reached 93,685,809 MMBTU, with a daily average of 256,673 MMBTU. This represents a 3.24% increase over 2022, mainly due to the start of production at the Baleine field and increased sales on block CI-27 (+7.24%). From 2015 to 2023, natural gas production showed a steady average annual increase of 2.16%. The power sector is the predominant consumer of natural gas in Côte d'Ivoire, using 86,934,370 MMBTU in 2023, representing 92.79% of the total quantity of natural gas sold. This underscores the critical and strategic role of natural gas in the country's power generation infrastructure. Variations also exist in natural gas production figures. (Worldometers, 2015 data) reports 75,645 MMcf/year (about 207 MMcf/day). (GasforAfrica) indicates about 263.92 MMscf/d for 2024. Given that one MMBTU of natural gas is approximately equivalent to 1,000 standard cubic feet (SCF), the 2023 figure of 256,673 MMBTU/day from translates to about 256.7 MMscf/day. The figures from economie-ivoirienne.ci and GasforAfrica are broadly consistent for recent years, which suggests that the Worldometers data are outdated.  

Proven and estimated reserves: Recent discoveries

The Baleine field (CI-101 & CI-802), a major discovery, was identified in September 2021, with production starting in August 2023. Following a second discovery in July 2022, the Baleine field's estimated reserves stand at 2.5 billion barrels of crude oil and 3,300 billion cubic feet (BCF) of natural gas. Proven reserves for Phase 1 are estimated at 35.4 MMBBLS (million barrels of crude oil) and 58 BCF of natural gas. The development of Phase 2 is expected to bring the field's total production to an average of 50,000 bpd of crude oil and 60 million cubic feet per day (MMcf/d) of associated natural gas. A Phase 3 development is expected to further increase the field's output to about 150,000 bpd of crude oil and 200 MMcf/d from 2027. It is worth noting that the Baleine project is hailed as the first net-zero (Scope 1 and 2) upstream project in Africa. This is made possible by advanced carbon capture technologies and comprehensive sustainability programs, including a clean cooking initiative benefiting hundreds of thousands of households.  

The Calao field (CI-205) is another major discovery, announced in March 2024. Preliminary assessments indicate potential resources ranging from 1 to 1.5 billion barrels of oil equivalent (boe). The discovery well encountered light oil, gas and condensate. Although appraisal wells are still needed to fully evaluate the discovery, development could potentially begin as early as 2026, with first production expected in 2028.  

These new discoveries represent a monumental leap in Côte d'Ivoire's hydrocarbon potential, far exceeding historical production levels and paving the way for a dramatic increase in national output. The projected rise to 175,346 bpd by 2027 and potentially 200,000 bpd by 2030 signals a profound change for Côte d'Ivoire, transforming it from a modest producer into a significant regional player. It will considerably strengthen the country's energy security and export capacity, potentially altering West Africa's energy dynamics. The rapid development timeline for Baleine (Phase 1 in 2023, Phase 2 in 2024, Phase 3 by 2027) indicates an aggressive national strategy to quickly capitalize on these discoveries. This is being achieved by leveraging "fast-track" development and the innovative reuse of refurbished infrastructure , demonstrating a strong government and corporate drive to accelerate economic returns and consolidate the country's energy position.  

Natural gas in Côte d'Ivoire is not just an export commodity; it is a critical and strategic domestic resource, fundamental to the nation's energy independence and industrial growth. The strong focus on increasing natural gas production is directly tied to meeting rapidly rising domestic electricity demand and reducing reliance on potentially volatile energy imports. This strategy is essential to ensuring energy security and fostering national industrial growth, making gas a pillar of Côte d'Ivoire's path to self-sufficiency. The emphasis on domestic use of gas for power generation (often referred to as "gas-to-power synergy") means that Côte d'Ivoire's energy transition strategy is pragmatic. It is not an immediate abandonment of fossil fuels, but rather the use of natural gas as a cleaner and more reliable transition fuel to support industrialization and provide stable baseload electricity, while simultaneously integrating renewable energy sources. This balanced approach aims to reconcile economic development with environmental considerations.  

Côte d'Ivoire, in collaboration with its international partners, is actively integrating environmental sustainability and decarbonization efforts into its large-scale hydrocarbon development projects. This commitment to green practices aligns favorably with global environmental, social and governance (ESG) trends, potentially attracting a wider range of responsible investors and setting a significant precedent for future hydrocarbon development in Africa. It also serves as a proactive measure to mitigate the potential downsides of the "resource curse" by addressing environmental concerns from the outset.  

The following table presents Côte d'Ivoire's crude oil production by block from 2015 to 2023, highlighting each field's contribution and annual growth.

Table 1: Crude Oil Production in Côte d'Ivoire (2015-2023) by Block (Barrels)

Block / Field(s)	2015	2016	2017	2018	2019	2020	2021	2022	2023	Change (%) 2022-2023
CI-11 (Lion, Panthère)	185,221	141,937	195,641	111,520	170,496	152,174	106,959	161,194	142,553	+39.48%
CI-26 (Espoir)	5,148,986	4,609,039	3,398,882	(Data not available for intermediate years)	9,300,556	10,752,196	+15.29%
CI-27 (Foxtrot, Mahi, Marlin, Manta)	(Data not available)	(Data not available)	(Data not available)	(Data not available)	(Data not available)	(Data not available)	(Data not available)	(Data not available)	(Data not available)	+9.33%
CI-40 (Baobab)	(Data not available)	(Data not available)	(Data not available)	(Data not available)	(Data not available)	(Data not available)	(Data not available)	(Data not available)	(Data not available)	+8.87%
CI-101/CI-802 (Baleine)	(Production began in 2023)	(Production began in 2023)	(Production began in 2023)	(Production began in 2023)	(Production began in 2023)	(Production began in 2023)	(Production began in 2023)	(Production began in 2023)	(Data not available)	+25.57%
Total Production	(Data not available)	(Data not available)	(Data not available)	(Data not available)	(Data not available)	(Data not available)	(Data not available)	9,300,556	10,752,196	+15.61%

Source: Ministry of Mines, Petroleum and Energy, DGH Yearbook  

The following table illustrates natural gas production in Côte d'Ivoire by block from 2015 to 2023.

Table 2: Natural Gas Production in Côte d'Ivoire (2015-2023) by Block (Million MMBTU)

Block / Field(s)	2015	2016	2017	2018	2019	2020	2021	2022	2023	Change (%) 2022-2023
CI-11 (Lion, Panthère)	(Data not available)	(Data not available)	(Data not available)	(Data not available)	(Data not available)	(Data not available)	(Data not available)	(Data not available)	(Data not available)	(Data not available)
CI-26 (Espoir)	(Data not available)	(Data not available)	(Data not available)	(Data not available)	(Data not available)	(Data not available)	(Data not available)	(Data not available)	(Data not available)	(Data not available)
CI-27 (Foxtrot, Mahi, Marlin, Manta)	56.11	(Data not available)	(Data not available)	(Data not available)	(Data not available)	(Data not available)	(Data not available)	(Data not available)	(Data not available)	+7.24%
CI-40 (Baobab)	(Data not available)	(Data not available)	(Data not available)	(Data not available)	(Data not available)	(Data not available)	(Data not available)	(Data not available)	(Data not available)	(Data not available)
CI-101/CI-802 (Baleine)	(Production began in 2023)	(Production began in 2023)	(Production began in 2023)	(Production began in 2023)	(Production began in 2023)	(Production began in 2023)	(Production began in 2023)	(Production began in 2023)	(Data not available)	(Data not available)
Total Production	(Data not available)	(Data not available)	(Data not available)	(Data not available)	(Data not available)	(Data not available)	(Data not available)	90,747,437	93,685,809	+3.24%
Average annual growth (2015-2023)										+2.16%

Source: Ministry of Mines, Petroleum and Energy, DGH Yearbook  

3. Key Players and Operational Landscape

National Oil Company: PETROCI Holding

PETROCI Holding is Côte d'Ivoire's national oil company. Its multifaceted role includes developing and maintaining the central database for Côte d'Ivoire's oil and gas assets. It holds minority stakes, typically 5% to 15%, in offshore joint ventures operated by international companies. Examples include a 10% interest in block CI-705 , a 10% interest in CI-101 & CI-802 (Baleine field) alongside Eni , and a 20% share in the Espoir field (CI-26).  

PETROCI is active across the entire hydrocarbons value chain: upstream exploration, production and analysis; midstream pipeline activities; and downstream gas distribution. It directly manages operations on fields such as Lion & Panthère (CI-11). The company is actively seeking new partnerships to accelerate the development of additional oil fields and engages in technical expertise exchange, as shown by discussions with Angola's Sonangol. It has also issued tenders for drilling rigs, notably for the Kudu, Eland and Gnou (KEG) discoveries, with drilling planned for 2025.  

International and local operators by block

Block CI-11 (Lion & Panthère) is majority-owned by the national oil company Petroci. Block CI-26 (Espoir field) is operated by Canadian Natural Resources Limited, with key partners including Petroci Holding (20%) and Tullow Côte d'Ivoire (21.33%). Block CI-27 (Foxtrot, Mahi, Marlin and Manta fields) is operated by FOXTROT International, a subsidiary of the French company Bouygues. The CI-27 consortium comprises Foxtrot (24%), PETROCI Holding (40%), SECI SA (24%) and ENERCI SA (12%). FOXTROT is currently the main natural gas producer in Côte d'Ivoire from these fields.  

Block CI-40 (Baobab field) is operated by Canadian Natural Resources, which holds a 61% interest. VAALCO Energy has undertaken the refurbishment of its FPSO facility at Baobab and is planning a new drilling campaign in 2026 to further develop the field and the neighboring Kossipo discovery. VAALCO acquired a 27.39% interest in Baobab in March 2024. Blocks CI-101 and CI-802 (Baleine field) are operated by Eni, with Petroci Holding holding a 10% interest. Eni also operates other deepwater blocks, including CI-205, CI-401, CI-501 and CI-801. Block CI-205 (Calao field) is operated by Eni in partnership with Petroci Holding.  

For block CI-705, ICE OIL & GAS is the operator with a 90% interest, while PETROCI holds a 10% interest. ICE OIL & GAS signed a production sharing contract in November 2023, focusing exploration efforts on the Albian sands. VAALCO Energy also took an interest in block CI-705 as operator in March 2025.  

Other significant players are present. Tullow Oil maintains operated exploration and non-operated production activities in Côte d'Ivoire. In 2024, production from Côte d'Ivoire contributed approximately 1,000 bpd to its non-operated portfolio. Tullow signed agreements for several blocks, including CI-301, CI-302, CI-518, CI-519, CI-521, CI-522, CI-520 and CI-524. Murphy Oil holds five offshore blocks, one of which contains proven natural gas reserves, and plans to begin its first drilling in the country before the end of 2025. International majors such as BP, PETROBRAS and VITOL have announced their intention to invest heavily in the Ivorian offshore sector, signaling growing confidence in its potential. Petrobras, as a new entrant, plans to acquire data on four identified offshore blocks and to explore a partnership with PETROCI. TotalEnergies operates mainly as a leading retailer in Côte d'Ivoire, developing solar projects and engaging in downstream activities, but its significant upstream production presence is not explicitly detailed in recent information. TotalEnergies was previously involved as the initial operator of an LNG import terminal project (CI-GNL) that is now presumed cancelled.  

Refining capacity and downstream activities

The Société Ivoirienne de Raffinage (SIR) operates a sophisticated refinery located in Abidjan. SIR currently has a capacity of 100,000 barrels per day (bpd) and is recognized as one of the most efficient refineries in Sub-Saharan Africa. It refines 3.8 million tonnes of crude oil per year. The refinery produces a range of essential petroleum products, including Butane (1%), Gasoline (20%), Kerosene (23%), Gasoil (29%), Distillates (9%) and Fuel Oil (18%). SIR has strategically extended its reach, serving not only Côte d'Ivoire but also the entire sub-region, including Mali and Burkina Faso, positioning itself as a crucial hub for refined petroleum products. Côte d'Ivoire is a net exporter of petroleum products.  

Plans are under way to build a new oil refinery with a substantial capacity of 170,000 bpd, intended to complement SIR's existing operations. This ambitious project is valued at more than $5.1 billion (CFA 3,000 billion francs) and aims to effectively double national refining capacity. A memorandum of understanding was signed with the US company Yaatra Ventures to undertake this project in partnership with SIR. Preliminary studies are complete, and a tender process has shortlisted 10 companies, with evaluations ongoing to select the development partner. In parallel, SIR is implementing a €2 billion expansion campaign, which includes the installation of a diesel desulfurization unit, with construction expected to begin in May 2025, and a gasoline reformulation project for which a feasibility study has been completed.  

Côte d'Ivoire uses a strategic partnership model, leveraging international expertise, advanced technology and substantial capital for the complex, high-risk activities of offshore exploration and production. This approach significantly mitigates financial and technical risks for the State, accelerates the transfer of critical knowledge and technology, and ensures access to cutting-edge operational capabilities. PETROCI's minority participation allows the nation to benefit substantially from discoveries and production without bearing the full financial and technical burden typically associated with high-risk, high-cost deepwater operations. The renewed or increased interest of major international players such as BP, Petrobras and Vitol following the recent significant discoveries (Baleine, Calao) indicates a fundamental shift in the risk-reward profile of the Ivorian basin. This suggests that the country is moving from being attractive mainly to small independents to being a promising frontier for large-scale global investment , which testifies to a mature investment climate that is increasingly confident in the sector.  

Côte d'Ivoire's energy strategy extends beyond the mere extraction of crude oil and gas; it places significant emphasis on value added through domestic refining. Doubling refining capacity will consolidate Côte d'Ivoire's position as the dominant exporter of refined petroleum products in West Africa, effectively meeting growing regional demand and considerably increasing national revenue. This strategic orientation toward downstream development complements upstream growth, creating a more integrated, resilient and economically beneficial energy economy. The substantial investment in refining capacity, coupled with the ongoing development of gas-to-power projects and consideration of future LNG imports, collectively positions Côte d'Ivoire as a comprehensive "energy hub" for West Africa. This strategic move allows the country to supply both raw and processed energy products to its neighbors, thereby strengthening its regional influence and economic leverage.  

The following table provides an overview of the main oil and gas fields and their operators in Côte d'Ivoire.

Table 3: Main Oil and Gas Fields and Operators in Côte d'Ivoire

Block	Field(s)	Operator(s)	Key Partners (Interest)	Status	Key Features
CI-11	Lion, Panthère	PETROCI Holding	Majority-owned by PETROCI	In production	Crude oil and condensate
CI-26	Espoir	Canadian Natural Resources Limited	PETROCI Holding (20%), Tullow Côte d'Ivoire (21.33%)	In production	Crude oil and natural gas (93 MMBBLS oil, 180 BCF gas recoverable)
CI-27	Foxtrot, Mahi, Marlin, Manta	FOXTROT International (Bouygues)	PETROCI Holding (40%), SECI SA (24%), ENERCI SA (12%)	In production	Main natural gas producer in Côte d'Ivoire
CI-40	Baobab	Canadian Natural Resources	Canadian Natural Resources (61%)	In production	Crude oil, drilling campaign planned for 2026
CI-101 & CI-802	Baleine	Eni	PETROCI Holding (10%)	In production (Phase 1 since Aug. 2023, Phase 2 since Dec. 2024)	Major discovery (2.5 billion barrels oil, 3300 BCF gas estimated). First net-zero emissions project in Africa
CI-205	Calao	Eni	PETROCI Holding	Discovery (March 2024), under appraisal	Major discovery (1-1.5 billion boe potential), light oil, gas, condensate
CI-705	(Not specified)	ICE OIL & GAS (90%), VAALCO Energy (operator since March 2025)	PETROCI (10% carried interest)	Exploration, development	Significant gas potential, exploration efforts on Albian sands
CI-301, CI-302, CI-518, CI-519, CI-520, CI-521, CI-522, CI-524, CI-803	Various	Tullow Oil (operator/non-operated)	(Not specified)	Exploration, non-operated production	Contribution of approx. 1,000 bpd in 2024
CI-103	Paon	Murphy Oil	(Not specified)	Discovery, possible development	Deepwater gas and light oil field

Source: Data compiled from  

4. Regulatory Framework, Governance and Fiscal Regime

Legal and institutional environment

The Ivorian oil and gas industry is primarily governed by the Ivorian Petroleum Code (Law No. 96-669 of August 29, 1996, as amended by Ordinance No. 2012-369 of April 18, 2012) and its implementing Decree No. 96-733 of September 19, 1996. A fundamental principle of the Petroleum Code is that all hydrocarbons, whether found onshore, in the exclusive economic zone, on the continental shelf or in the territorial sea, remain the exclusive property of the State. The Petroleum Code regulates the process of awarding petroleum rights to companies through petroleum contracts with the State. Exploitation licenses may be granted for periods of up to 25 years.  

The Ministry of Petroleum, Energy and Renewable Energies is the main technical and administrative body responsible for implementing the government's mining and energy policy. Its broad responsibilities encompass coordinating hydrocarbon exploration and production, managing supply, refining and distribution, and overseeing monitoring, regulation and investment promotion in the sector. The fiscal framework applicable to the oil industry in Côte d'Ivoire is primarily defined in Production Sharing Contracts (PSCs), supplemented by broader Ivorian tax legislation and the Petroleum Code. The standard corporate income tax (CIT) rate is 25%. The Petroleum Code provides for significant tax incentives, including exemptions from value-added tax (VAT) and additional import taxes for companies engaged in oil exploration or production. These exemptions are also extended to their subcontractors providing oil-specific services.  

Transparency initiatives (EITI)

Côte d'Ivoire officially became a candidate country of the Extractive Industries Transparency Initiative (EITI) in May 2008 , demonstrating an early commitment to transparency. The country achieved a "moderate" score (80.5 points) in implementing the 2019 EITI Standard in April 2023 , indicating substantial progress. EITI implementation has led to the public disclosure of key oil and gas contracts, detailed data on the crude oil-for-natural gas swap agreement, and improved reporting on licenses and beneficial owners. The EITI process plays a vital role in strengthening public oversight of oil revenue management and in informing decision-making within the extractive sector.  

Local content policy

A new comprehensive legal framework on local content in oil and gas activities was enacted by Law No. 2022-403 (June 13, 2022) and its implementing Decree No. 2023-441 (May 24, 2023), which came fully into force on July 28, 2023. The new regulations impose specific percentages of employees of Ivorian nationality: 50-90% for upstream activities and 75-95% for downstream activities, the exact ratio depending on the number of years the company has been operating. Certain key positions, such as translator, Health, Safety and Environment officer, human resources manager, geologist and IT specialist, are now reserved exclusively for Ivorian nationals. All oil and gas companies must submit a local content plan to the Ministry of Hydrocarbons, to be updated every year, with an associated budget for the duration of activities and a training plan for Ivorian personnel.  

Côte d'Ivoire's regulatory framework, characterized by clear legislation on resource ownership and a structured licensing process, creates a stable and predictable environment for investors in the oil and gas sector. This stability is a major asset, particularly in a region where geopolitical uncertainties can be high. Increased transparency, notably through the EITI, strengthens investor confidence and reduces corruption risks, which is essential for attracting long-term capital. EITI implementation, with its requirements for disclosure of contracts and beneficial owners, allows for better public oversight and more efficient allocation of revenue. This contributes to sound governance, a fundamental element for the sector's sustainable development.

The adoption of a robust local content policy, with employment quotas for nationals and training and technology transfer requirements, goes beyond mere regulation. It aims to ensure that the growth of the hydrocarbons sector translates into tangible benefits for the local economy and the Ivorian population. By fostering local employment and skills development, this policy helps create a skilled workforce and stimulate the growth of local businesses, thereby reducing reliance on foreign expertise in the long term. This approach is essential to maximize the sector's economic and social spillovers, fostering more inclusive growth and reducing disparities.

5. Economic Contribution and Socio-Economic Impact

The oil and gas sector has become an increasingly important economic driver for Côte d'Ivoire. Although agriculture remains a key sector, oil and gas production has surpassed cocoa as a driver of economic activity since 2006. In 2022, the extractive sector (including oil and gas) contributed approximately 15.87% of total export value and 5.53% of government revenue. More specifically, mineral products, oils and distillation products accounted for $2.89 billion of exports in 2023. In 2023, Côte d'Ivoire exported $870 million of crude oil, ranking 42nd in the world among crude oil exporters.  

The extractive sector's contribution to GDP was 3.40% in 2022. Côte d'Ivoire's overall economic growth has been robust, with real GDP growth projected at 6.1% in 2024, supported in part by stronger mining and energy production, notably the start of production at the Baleine field in August 2023. This growth is expected to reach 7.5% in 2027 thanks to strong hydrocarbon output from Phase 3 of the Baleine field.  

In terms of employment, the extractive sector accounted for 4.70% of total employment in 2022. The new local content policy, in force since July 2023, aims to increase Ivorian participation in the sector. It imposes employment ratios of 50 to 90% for upstream activities and 75 to 95% for downstream activities for national employees. Key positions are now reserved exclusively for Ivorian nationals, and foreign companies must fund at least one Ivorian university or training institute. The discovery of the Calao field, for example, is expected to create more than 8,000 jobs.  

The oil and gas sector is a major lever of economic transformation for Côte d'Ivoire. The growth of this sector reduces the country's historical dependence on agricultural commodities, whose prices are often volatile on global markets. This diversification contributes to a more stable and resilient economy, better able to absorb external shocks. The strong contribution to exports and government revenue provides the government with increased financial resources, which can be reinvested in other sectors of the economy, infrastructure and social services, thereby fostering broader development.

The emphasis on local content and job creation is crucial to ensure that the benefits of the oil and gas industry are widely shared across the Ivorian population. By requiring national employment quotas and promoting training and technology transfer, the government ensures that the wealth generated by natural resources contributes directly to building a skilled workforce and growing local businesses. This is essential to avoid the "resource curse" and promote inclusive growth, where economic benefits translate into improved living conditions and reduced poverty. Job creation in a high-value-added sector such as hydrocarbons has a multiplier effect on the economy, stimulating demand for local goods and services and fostering the development of specialized technical skills.

6. Challenges and Risks

Côte d'Ivoire's oil and gas sector, despite its boom, faces several challenges and risks. One of the main ones is potential resource dependence. Although economic diversification is an objective, a heavy concentration on hydrocarbons could expose the country to volatility in global oil and gas prices. Excessive reliance on this sector could also hold back the development of other industries, creating economic vulnerability.  

Environmental concerns are another major challenge. The intensification of oil and gas exploration and production activities, as well as the expansion of the mining sector, raise risks of deforestation and pollution. For example, mining activities already caused cyanide pollution in the Cavally River in June 2024, underscoring the environmental dangers of resource extraction. Although the Baleine project aims for carbon neutrality for Scopes 1 and 2 , managing emissions across the entire value chain remains complex. Côte d'Ivoire has lost nearly 90% of its forest cover over the past 50 years, and mining and energy expansion could accelerate this trend.  

The petroleum products market in Côte d'Ivoire is not fully liberalized, which means that companies wishing to market oil must go through SIR and the Ministry of Petroleum, Energy and Renewable Energies. In addition, gas imports are subject to a public monopoly, managed by companies such as Petroci and SIR. Although there is no restriction on foreign investment in this area, these structures can influence market competitiveness and supply chain efficiency.  

Finally, infrastructure development remains a crucial challenge. Although investments are planned for pipelines, storage facilities and port upgrades , the need to secure sufficient gas supply for power plants is paramount to maintaining grid stability. Liquefied natural gas (LNG) import projects are being considered to strengthen future supply , but an LNG import terminal project (Abidjan FSRU) was cancelled, underscoring the complexities involved in implementing such infrastructure.  

Côte d'Ivoire must strike a delicate balance between maximizing the economic benefits of its hydrocarbon resources and ensuring environmental sustainability and economic diversification. The "resource curse" is a real risk, and excessive dependence on a single sector can lead to vulnerabilities. The country is aware of these risks and is working to mitigate them through local content policies and decarbonization initiatives. However, the effective implementation of these measures and continuous monitoring of their impact are essential.

The need for robust and resilient infrastructure is paramount to support the sector's projected growth. Investments in pipelines, storage capacity and export terminals are crucial not only for production but also for the processing and marketing of oil and gas products. Managing growing gas demand for power generation, in particular, requires continued planning and investment in transport and distribution infrastructure. The ability to overcome these challenges will determine Côte d'Ivoire's capacity to fully leverage its hydrocarbon potential while ensuring sustainable and inclusive development.

7. Future Outlook and Strategic Opportunities

Côte d'Ivoire's oil and gas sector is set for significant growth in the coming years, driven by recent discoveries and strategic investment plans. National crude oil production is expected to increase substantially between 2024 and 2027, rising from 29,458 barrels/day in 2023 to 175,346 barrels/day in 2027, an average annual increase of about 56%. The country is aiming for daily production of 200,000 barrels of crude oil by 2030 and 500,000 barrels/day by 2035. As for natural gas production, it is expected to grow by about 13% per year, from 242,558 MMSCF/D in 2023 to 397,060 MMSCF/D in 2027, thereby ensuring sufficient supply for the power sector.  

The $15 billion national investment plan for the oil sector (2023-2027) is a key strategy for transforming the country's economy. This plan aims not only to increase oil production, but also to prioritize gas-to-power synergy, directing all gas from Baleine (and future Calao) to domestic power plants to reduce reliance on imported LNG and reach a target of 32% gas in the energy mix by 2030. Investments are also planned for infrastructure development, including pipelines, storage facilities and port improvements, to support export capacity and local industrialization.  

Côte d'Ivoire has positioned itself as a regional energy hub in West Africa. The country aims to strengthen this positioning by accelerating the development of its natural resources. The Ministry of Petroleum, Energy and Renewable Energies signed production sharing agreements for four offshore blocks with Eni in August 2024, with an investment of more than $80 million in exploration over three years. Similar agreements were signed for three onshore blocks with Elephant Oil. Major companies such as BP, PETROBRAS and VITOL have expressed their intention to invest heavily in the Ivorian offshore.  

Côte d'Ivoire is also committed to a gradual energy transition. The country aims to reach a target of 45% renewable energy by 2030, with 33% hydropower and 12% biomass and solar. Projects to generate electricity from household waste are also being considered. Côte d'Ivoire's "National Energy Compact," presented in January 2025, aims to attract total investment of $6.56 billion, including $2 billion in private investment, for electricity access and renewable energy development. The country plans to increase its electricity capacity from 2,907 MW at the end of 2022 to 3,500 MW in 2025, 5,200 MW in 2030 and 8,600 MW in 2040.  

The sustained growth trajectory of the oil and gas sector, fueled by major discoveries and massive investment, positions Côte d'Ivoire not only as a key regional player but also as a potential competitor to Africa's major producers. The projection of reaching 200,000 bpd by 2030 and 500,000 bpd by 2035, with the ambition of ranking among the continent's top five oil producers, demonstrates a long-term strategic vision aimed at transforming the country into an energy power. This will have significant implications for Côte d'Ivoire's trade balance, government revenue and geopolitical influence in the region.

Côte d'Ivoire's energy strategy is characterized by pragmatic diversification, in which natural gas plays an essential transitional role toward a cleaner energy mix. By using gas for domestic power generation, the country ensures its energy security while reducing its dependence on more polluting fuels. This balanced approach makes it possible to meet the growing energy needs of industrialization and the population, while aligning with long-term decarbonization goals. The integration of renewable energy, with ambitious targets for hydropower, biomass and solar, reflects an understanding that hydrocarbon development must fit within a perspective of sustainability and global transition. This dual approach strengthens the resilience of the Ivorian energy sector and its appeal to a diverse range of investors.

Conclusions

Côte d'Ivoire's oil and gas sector has entered a phase of unprecedented growth and transformation, mainly thanks to the major discoveries at the Baleine and Calao fields. These deposits promise to propel crude oil and natural gas production to historically high levels, considerably strengthening the country's position as a major energy player in West Africa. The national strategy is clearly focused on maximizing the value of these resources, not only through crude oil exports but also through a priority use of natural gas for domestic power generation, which is essential for energy security and industrialization.

The operational landscape is characterized by a dynamic mix of national players, such as PETROCI Holding, and major international companies, often collaborating through strategic partnerships. This joint venture model makes it possible to share risks, attract capital and benefit from cutting-edge technological expertise. Côte d'Ivoire's ambition to become a regional refining hub is also evident, with concrete plans to double SIR's existing refining capacity, which will add further value to hydrocarbons and meet growing demand for refined products in the sub-region.

The country's regulatory framework, supported by the Petroleum Code and tax incentives, offers a stable and attractive environment for investment. Côte d'Ivoire's commitment to transparency, illustrated by its "moderate" EITI status, strengthens investor confidence and sector governance. At the same time, the implementation of a robust local content policy aims to ensure that economic benefits translate into national skills development and job creation, thereby fostering inclusive growth.

Despite these promising prospects, challenges remain, notably the risk of resource dependence, environmental concerns linked to the intensification of extractive activities, and the need to further develop infrastructure. However, Côte d'Ivoire is demonstrating a proactive approach to meeting these challenges, integrating sustainability practices into major projects and planning investments in energy infrastructure.

In short, Côte d'Ivoire is well positioned to consolidate its role as a regional energy power. The massive planned investments, the pragmatic diversification of the energy mix toward gas and renewable energy, and governance focused on transparency and local content are key factors that will support sustainable growth and enable the country to fully leverage its hydrocarbon potential for the benefit of its population and the region.