Ivory Coast expects threefold oil output increase by 2027

Ivory Coast expects a more than threefold increase to its oil output by 2027, boosted by recent oil and gas discoveries at the West African nation's Baleine and Calao offshore fields, President Alassane Ouattara said on Tuesday.

The world's top cocoa-producing nation is hoping to become a major regional oil and gas producer and regional energy hub.

Ouattara told a joint session of parliament that more than $15 billion is expected to be invested in the country's oil sector, adding that output would grow to about 200,000 barrels per day (bpd) from 60,000 bpd by 2027.

"It will be a spectacular leap," Ouattara said.

Italy's Eni (ENI.MI) has said it would invest $10 billion in developing the Baleine field, which will take place in three phases from 2023 to 2027.

Certified reserves of the Baleine field, discovered by the Italian energy group in 2021, are estimated at 2.5 billion barrels of oil and 3.3 trillion cubic feet of natural gas.

The group announced its Calao discovery in March, with preliminary assessments indicating potential resources ranging between 1 billion and 1.5 billion barrels of oil.

Ivory Coast's economic growth is forecast around 7% between 2024 and 2027, President Alassane Ouattara also said, adding that the country is expected to remain the economic powerhouse of the French-speaking West Africa region.

This article originally appeared on Reuters