Côte d’Ivoire company signs oil and gas PSA

Ivorian E&P company ICE Oil & Gas has signed a production-sharing agreement for offshore Block CI-705 in Côte d’Ivoire, international media reported on Tuesday.

The seven-year contract includes a commitment to invest at least USD 40 million in exploration activities, according to a report in Upstream Online.

The 2,290-square-kilometre concession is located off the coast of Grand-Lahou in water depths of up to 2,500 metres.

ICE Oil & Gas will operate the block with a 90% stake alongside Côte d’Ivoire’s NOC Petroci with the remaining shares.

“Our expertise in the oil industry and our knowledge of the Ivorian sedimentary basin in particular were decisive in the award of this block,” said Philippe N’da, CEO of ICE Oil & Gas.

The deal marks the first time a fully Ivorian company has entered the country’s offshore sector.

French energy giant TotalEnergies and NOC Qatar Petroleum (now QatarEnergy) previously relinquished stakes in the play following exploration activities.