Tullow Oil announced that it has acquired 90% stakes in four onshore blocks in Côte d’Ivoire while Petroci, the national oil company of Côte d’Ivoire, holds the remaining 10%.
The four blocks – CI 518, CI519, CI301 and CI302 – cover 5,035 km2 are located on the coastline of Côte d’Ivoire mostly to the west of Abidjan.
The company said it believes the newly acquired acreage will complement its existing portfolio, considering they are located in a proven petroleum system.
Tullow Oil intends to initiate work immediately on these licenses to allow a full tensor gradiometry survey to start in early 2018. The survey data will be used to assess the potential of the licenses and guide future acquisition of seismic data.
The company has also worked in Côte d’Ivoire for 20 years both as an explorer and as a producer and holds a non-operated position in Espoir field, which produces approximately 4,000 bopd net to Tullow.