The Brazilian oil and gas company Petrobras $PETR3 (+5.36%)
$PETR4 (+2.78%) has submitted a declaration of interest for nine exploration blocks in the offshore areas of Côte d'Ivoire, namely blocks CI 513, CI 600, CI 601, CI 602, CI 603, CI 605, CI 700, CI 701 and CI 702.
This expression of interest secures exclusivity in the contract negotiation phase and is the first phase in the acquisition process for exploration areas in the country before contract negotiations for the exploration blocks begin.
The government of Côte d'Ivoire plans to more than triple the country's oil production between 2024 and 2027, as production is expected to increase from around 60 kb/d to around 200 kb/d by 2027. Hydrocarbon production will be boosted by recent oil and gas discoveries in the Ivorian offshore fields of Baleine and Calao. The government also expects more than USD 15 billion to be invested in the Ivorian oil sector in the coming years.