Tullow Oil plc (Tullow) has signed a Production Sharing Contract (PSC) for the offshore exploration licence CI-803 in Côte d’Ivoire.
Tullow will run the licence with 90% equity, while PetroCi will hold the remaining 10%.
Tullow (90%, operator) and PetroCi (10%) also own licences CI-803 and CI-524, which encompass an area of 1,345 square kilometres.
Tullow increases its position in the Tano Basin, where significant prospectivity has been located within established Cretaceous turbidite plays, similar to those producing in the neighbouring TEN and Jubilee Fields.
For the first two and a half years, the work plan comprises refining existing 3D seismic data as well as prospect appraisal. In CI-524, a number of drill candidates are being matured while preparations continue for an exploration well to be drilled during 2024.
“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,” Rahul Dhir, Chief Executive Officer, Tullow Oil plc said.