Oil: Ivory Coast and Brazilian giant Petrobras sign eight production-sharing contracts

Ivory Coast, Petroci Holding and Petrobras, the Brazilian national company, signed eight Production Sharing Contracts (PSCs) on Thursday, September 17, covering offshore oil blocks located in the western part of the Ivorian sedimentary basin.

According to Mamadou Sangafowa-Coulibaly, the Ivorian Minister of Mines, Petroleum and Energy, "PETROBRAS' commitment is particularly significant," with more than 250 billion FCFA of initial investments for the acquisition of latest generation seismic data and the completion of at least eight very deep water boreholes.

Regarding the production sharing, set at 62.5% for the Ivorian side and 37.5% for Petrobras, the minister explained that it had been designed to ensure "a balance between the remuneration of the risk taken by the PETROBRAS investor and the protection of the State's interests."

“Eight CPPs signed in a single day with the same operator: this is a first in the history of our sedimentary basin. But beyond the number of blocks involved, beyond the amount of investment, I would like to highlight one essential thing today: we are writing a new chapter in the cooperation between Côte d'Ivoire and Brazil,” Mamadou Sangafowa-Coulibaly rejoiced.

With the signing of these eight contracts, the occupancy rate of the national sedimentary basin has now reached 75%, representing approximately 63,000 km² covered by production, evaluation, and exploration activities, the minister stated. "We are thus moving closer to our objective of gradually increasing this rate to 100%," he added.

The eight blocks in question are: CI-513, CI-600, CI-601, CI-602, CI-603, CI-605, CI-701 and CI-702. They are located offshore, in areas that are still little explored, with water depths ranging from 1,500 to 4,000 meters.

For Petrobras, this operation is part of its strategy to explore new oil and gas frontiers. The Brazilian company is expected to contribute its expertise in deepwater exploration and production.