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Ivory Coast sees soaring oil output rivaling Ghana by 2019

BY BAUDELAIRE MIEU & PAULINE BAX

ABIDJAN (Bloomberg) -- Ivory Coast Prime Minister Daniel Kablan Duncan said his nation will boost oil production within five years to 200,000 bpd, rivaling neighboring Ghana as stability returns to a country racked by a decade of turmoil.

The West African nation wants oil companies to increase exploration and drilling offshore after output more than halved to about 30,000 bpd because of technical problems, he said in an interview January 6. Ghana pumps about 100,000 bpd and wants to more than double output to 250,000 bpd by 2021. Ghana is West Africa’s fourth-largest producer, after Nigeria, Equatorial Guinea and Gabon.

“We have about 50 oil blocks of which half have been awarded,” Duncan said in the commercial capital, Abidjan. “We expect to add at least five wells a year.”

President Alassane Ouattara has pledged to spur economic growth by investing in energy and infrastructure to sustain growth near 10 % annually.

The government will sell Eurobonds in the first half of the year, the first since a 2011 default, to fund the projects and is turning to China for additional financing. The economy will expand 10% this year, from 9% in 2013, Duncan said.

Ivory Coast missed out on soaring oil prices in the past few years as output dropped to 30,000 bpd last year from about 60,000 bpd in 2008. Total, Tullow Oil and Anadarko Petroleum operate in Ivory Coast. Ghana and the Ivory Coast ended a dispute over the delineation of a maritime boundary in which an oilfield is located.

01/08/2014

 

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