Upstream

Côte d’Ivoire to sign new PSC over Block CI-705 with local upstream entity

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This story was first published on the Hawilti+ Terminal on 13 September 2023.

Côte d’Ivoire’s Cabinet has adopted a resolution on September 13th on the signing of a new production sharing contract (PSC) for block CI-705 with Ivory Coast Exploration (ICE) Oil & Gas.

The block is located offshore Fresco and was relinquished by TotalEnergies in June 2022 after the unsuccessful drilling of the Barracuda-1X well. The block contains Albian structural closures, with structural prospects like Barracuda South yet to be tested.

The award of the block to ICE is a win for Côte d’Ivoire’s local content as the company is majority-owned by Ivorian nationals.

2023 has marked a turning point for Côte d’Ivoire’s upstream sector after the commissioning of Eni’s offshore Baleine Field (phase 1) and the award of new PSCs in shallow- and deep-water to Murphy Oil and state-owned PETROCI. The government has embarked on several initiatives to boost upstream production and investment, positioning the country as a renewed hot frontier for oil & gas activity in West Africa.

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Congo-Brazzaville: Afreximbank to provide $300m for MKB II oilfields development

On September 27th, Afreximbank signed an agreement to provide a $300m facility to Trident OGX Congo for the development of the onshore Mengo-Kundji-Bindi II (MKB II) oil fields in the Republic of Congo. The reserve-based lending (RBL) facility will support the company’s capex programme to increase the country’s oil production by 30%, according to Afreximbank. […]

NNPC signs MoU with Indorama to boost Nigeria’s domestic gas industry

This story was first published on the Hawilti+ Terminal on 18 September 2023. Nigeria National Oil Petroleum Company (NNPC), the country’s state energy firm, and Indorama Eleme Petrochemicals Ltd., an entity of the Singapore-based Indorama Group, have signed an MoU that will allow both parties to explore opportunities across Nigeria’s hydrocarbon value chain, as Africa’s […]