ExxonMobil signed a production sharing agreement (PSA) with the Cote d'Ivoire governmentfor two ultra deepwater blocks in the Gulf of Guinea.
The PSA is for the Blocks CI-602 and CI-603 located in the southern Ivory Coast. CI-602 covers 3874sq km and CI-603 covers 5543sq km, in a water depth of 3000-4000m.
"The maximum exploration period is nine years for each block and, in the case of a commercial discovery, the term of the agreement will be 25 years," Oil and Energy Minister Adama Toungara said in a statement. “The return of ExxonMobil in Cote d'Ivoire after 32 years is a symbol of the confidence of the international community.”
According to the Cote d'Ivoire government, Prime Minister Daniel Kablan Duncan said that other major oil companies including ConocoPhillips and Anadarko Petroleum have taken part in agreements with the government to operate off the Ivory Coast. In particular, the government is in a PSA with Norway’s AGR Group for Blocks CI-101 and CI-524 and France’s Total E&P for Block CI-605.
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Map of Ivory Coast blocks. From the Cote d'Ivoire government. |
In October, seven deepwater and ultra deepwater blocks, covering more than 35,000sq km, were up for bid off the Ivory Coast at a Houston event.
In September, Japan’s Mitsubishi Corp. acquired 20% of US-based Anadarko's interest in Block C1-103 off the coast of Côte d’Ivoire, becoming the first Japanese company to enter the oil and gas exploration business in the area.
In April, Total has made a light oil discovery in 2300m water depth as part of an intensive exploration campaign off the Ivory Coast at the Saphir-1XB exploration well. Saphir-1XB was the first exploration well on Block CI-514, and the first discovery in the San Pedro basin.
Read more:
Côte d’Ivoire to offer new concessions
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