Tullow Oil signs PSC for new exploration licence offshore Côte d’Ivoire

Tullow Oil plc has signed a production sharing contract (PSC) for offshore exploration licence CI-803, Côte d’Ivoire.

LICENCE CI-803

The company will operate the licence with 90% equity with the 10% held by PetroCi*.

Licence CI-803 covers 1,345 km^₂ and is next to licence CI-524 which is also held by Tullow (90%, operator) and PetroCi (10%).

Tullow said that the new exploration licence would strengthen the company’s position in the Tano Basin.

The work programme for the initial two and a half years includes reprocessing of existing 3D seismic data, along with prospect evaluation.

In CI-524, Tullow is maturing a number of drill candidates while continuing preparations for drilling an exploration well during 2024.

STRATEGY

“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