Ivory Coast concludes agreement with US firm over oil exporation in disputed area

Oil and Gas Zonesat-Gazelle Well Offshore Ivory-Coast (PHOTO: Rialto)
Oil and Gas Zonesat-Gazelle Well Offshore Ivory-Coast (PHOTO: Rialto)

Ivory Coast has concluded an agreement with the US oil company Anadarko to explore for oil in an area disputed with neighbouring Ghana.

The production sharing agreement for a deepwater block of 1 038km2 foresees at least $30m invested in exploration that should get under way in December, according to a government statement received on Friday.

Anadarko has 90% of the block and Ivory Coast’s national oil company Petroci the remaining 10%.

The block is in an area disputed with Ghana, a promising area where several oil companies including Total, Lukoil and Tullow Oil have reported significant finds.

Ghana and Ivory Coast disagree over their maritime border, which runs through the promising area.

Ivory Coast has taken the case to the International Tribunal for the Law of the Sea, which told Ghana to limit its activity in the area until a ruling is handed down.

With a modest output of 40 000 barrels per day, Ivory Coast has been keen to step up exploration.

Ghana launched production in 2010 after the discovery of what has been called the most important offshore oil discovery in the region in a decade

– See more at: http://en.africatime.com/toute_lafrique/articles/ivory-coast-lets-us-company-expore-oil-disputed-area#sthash.gFh8gUDs.dpuf

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