UK-headquartered oil and gas company Tullow Oil has added an additional license in Côte d’Ivoire to its asset portfolio, following the inking of a new production sharing contract (PSC) for this offshore exploration license.
While announcing the signing of a PSC for offshore exploration licence CI-803 in Côte d’Ivoire, Tullow Oil explained on Wednesday that it would operate this licence with a 90 per cent stake. The remaining 10 per cent interest will be held by PetroCi.
Covering an area of 1,345 square kilometres, the CI-803 license is adjacent to licence CI-524 , which is also operated by Tullow ( 90 per cent interest) with PetroCi (10 per cent), acting as its partner.
Tullow highlights that this new exploration license strengthens its position in the Tano Basin , where “significant prospectivity” has been identified within the proven Cretaceous turbidite plays, similar to the plays in the adjacent TEN and Jubilee fields.
Rahul Dhir , Chief Executive Officer, Tullow Oil, commented: “This new licence underscores our strong commitment to investing in and unlocking the resource potential in Côte d’Ivoire. Our exploration strategy is focussed around existing producing fields in basins where we have a differentiated understanding, in this case through our deep understanding of the Tano Basin.
Furthermore, the work programme for the initial 2.5 years includes reprocessing existing 3D seismic data and prospect evaluation. On the other hand, Tullow underscores that a number of drill candidates are being matured in the CI-524 license while preparations continue for an exploration well to be drilled during 2024.
Regarding Tullow’s activities elsewhere, it is worth noting that the firm recently disclosed plans to drill four new wells at a field located offshore Ghana.
These wells are expected to be brought on stream next year.