Tullow Oil acquires 90% stake in four onshore blocks in Côte d’Ivoire

British exploration and production company Tullow Oil has acquired 90% stake in four onshore blocks in Côte d’Ivoire.

Located on the coastline of Côte d’Ivoire mostly to the west of Abidjan, the acquired blocks, namely CI 518, CI519, CI301 and CI302, are spread over 5,035km².

The remaining 10% in each of the blocks is owned by the country’s national oil company Petroci.

Tullow Oil CEO Paul Mcdade said: “I am very pleased to have signed the licences for these blocks and look forward to exploring again in Côte d’Ivoire. We have a long history in Côte d’Ivoire, having been in the country since 1997, and I am excited about the potential that these blocks, with their proven petroleum system, offer.”

According to the company, the acreage is expected to complement its existing exploration portfolio.

The blocks are said to be located in a proven petroleum system, indicated by multiple oil seeps and past production from the Eboinda Oil Sands.

Based on the maturity of the country’s oil industry, once commercial discoveries are made, it takes a relatively short and low-cost path to production, the company said in a statement.

Work is expected to commence soon on these licences so that a full tensor gradiometry (FTG) survey can be started early next year.

The company noted that it will use the early survey data to evaluate the potential of the licences and determine the course for future acquisition of seismic data.

Having started its operations in the country 20 years ago, Tullow Oil holds a non-operated position in the Espoir field, which produces around 4,000bopd net to it.

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Image: The acreage is set to complement the company’s existing exploration portfolio. Photo: courtesy of Tullow Oil.