Tullow Oil plc has signed a production sharing contract (PSC) for exploration licence CI-803, offshore Côte d’Ivoire.
STRATEGY
The company will be the operator with 90% equity while PetroCi* holds 10%
Licence CI-803 covers 1,345 km2 and is next to licence CI-524 which is Tullow also operates on the same interest with PetroCi.
Tullow said that the new exploration licence would strengthen the company’s position in the Tano Basin.
The initial two-and-a-half-year work programme includes reprocessing of existing 3D seismic data and prospect evaluation.
Tullow has a number of drill candidates for CI-524 while continuing preparations for drilling an exploration well during 2024.
“This new licence underscores our strong commitment to investing in and unlocking the resource potential in Côte d’Ivoire,” added chief executive Rahul Dhir.
“Our exploration strategy is focused around existing producing fields in basins where we have a differentiated understanding, in this case through our deep understanding of the Tano Basin.”
*Société nationale des opérations pétrolières de Côte d’Ivoire