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Ivory Coast anticipates a tripling of oil production by 2027

Published

4 months ago

June 19, 2024

President Alassane Ouattara of Ivory Coast stated on Tuesday that the country anticipated a more than threefold rise in oil production by 2027, driven by new oil and gas finds at its offshore areas in Calao and Baleine, West Africa.

The top producer of cocoa in the world aspires to become a significant regional producer of gas and oil as well as a hub for energy in the region.

More than $15 billion is anticipated to be invested in the nation’s oil industry, Ouattara informed a joint session of parliament, adding that by 2027, output will increase from 60,000 barrels per day (bpd) to almost 200,000 bpd.

“It will be a spectacular leap,” Ouattara said.

The Baleine field will be developed in three phases between 2023 and 2027, with an investment of $10 billion from Italy’s Eni.

The Italian energy group found the Baleine field in 2021. Its certified reserves are anticipated to be 2.5 billion oil barrels and 3.3 trillion natural gas cubic feet.

Preliminary estimates of the group’s Calao discovery, which it reported in March, suggest potential resources of between one and 1.5 billion barrels of oil.

Ivory Coast is predicted to continue being the economic leader of the French-speaking West African region, with President Alassane Ouattara stating that the country’s growth is estimated to reach roughly 7% between 2024 and 2027.

Related Topics:Economic Growth Featured Ivory Coast

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VenturesNow

Canada’s First Quantum in pursuit of partners for Zambian assets

Published

7 hours ago

October 24, 2024

Ifeoluwa Dada

Without naming the companies, First Quantum Minerals, a Canadian miner, stated on Wednesday that it is in discussions with possible partners for its Zambian properties.

According to three people familiar with the matter, Reuters said last week that Saudi Arabia’s Manara Minerals is nearing an agreement to purchase a minority interest in First Quantum’s copper and nickel holdings in Zambia.

“We’re more open to partnerships, and that includes in Zambia, but only if it’s in the interest of our Zambian business, the Zambian government and all the stakeholders involved,” First Quantum CEO Tristan Pascall said on a conference call with analysts. The company’s shares were up 3% in early trade at C$18.93.

Copper is a highly sought-after component for the clean energy transition, as it is used to make electric cars and power data centres for artificial intelligence. The possible Manara Minerals deal, which may be worth between $1.5 billion and $2 billion, is in the news.

A stake sale in the Zambian mine would assist First Quantum in paying down its mounting debt following the Panamanian government’s order to close its flagship Cobre Panama mine last December in response to public outcry.

The business is awaiting a decision regarding the mine’s future and permission from Panama’s new government to transport 121,000 metric tonnes of trapped copper concentrate.

If that copper was approved for sale, working capital would be available to keep the mine operating. Monthly mining maintenance costs for the Canadian miner range from $11 million to $13 million.

Pascall cautioned that the business will need to reduce expenses, particularly staffing, in the coming months.

VenturesNow

Egypt reduces 2040 renewable energy target to 40%, prioritises natural gas

Published

4 days ago

October 20, 2024

Ifeoluwa Dada

Petroleum Minister Karim Badawi announced on Sunday that Egypt had reduced its 2040 renewable energy target down from a previous goal of 58% to 40%, highlighting the fact that natural gas will continue to play a significant role in the nation’s energy mix for years to come.

Egypt promised to increase the percentage of renewable energy output in its energy mix to 42% by 2035 before hosting the COP27 climate meeting in 2022.

Later, the aim was advanced to 2030. Mohamed Shaker, the then-minister of electricity, unveiled a bold proposal in June 2024 to increase this to 58% by 2040; however, that goal has since been abandoned.

“This is a message to all of us to work together to increase discoveries and attract more investments through the bids being offered for exploration, aiming to achieve discoveries in the region, which holds more wealth, particularly natural gas,” Badawi said in the opening session of the Mediterranean Energy Conference 2024.

Egypt’s persistent dependence on fossil fuels coincides with efforts to regain the confidence of international oil companies, whose domestic activities ceased due to a shortage of hard currency that put the nation in debt to the tune of billions of dollars.

Since entering office in July, Badawi has met with many foreign energy corporations, such as Eni of Italy, which intends to increase production in Egypt’s largest gas field, Zohr, by digging additional wells in early 2025.

At its peak of 3.2 billion cubic feet per day (bcf/d) in 2019, Zohr’s gas output allowed the nation to turn a profit.

However, by early 2024, output had dropped to 1.9 bcf/d, forcing Egypt to import more gas through a pipeline connecting it to Israel and more LNG to avoid a months-long load-shedding program.

Additionally, Egypt imports fuel oil that contains sulphur; in September, imports reached a record-breaking 255,000 barrels per day (bpd), the highest level since at least 2016.