Petroleum Africa
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Thursday, November 7, 2013
International oil firms are set to spend money in the hunt for further reserves off the coast of Cote d’Ivoire. According to Nicolas Payer, managing director of Total Cote d’Ivoire, his firm along with partners Anadarko and CNR will spend up to $300 million to drill exploration wells on three offshore blocks in the West African country over 2014.
“2014 will be a phase of intensified exploration in Ivory Coast,” Payer told Reuters on the sidelines of a gas conference in the commercial capital Abidjan.
“We plan three wells on blocks 514, 515 and 516… We foresee spending between $200 and $300 million…It will be financed by the consortium,” he said.
All three concessions are ultra-deepwater blocks.
Total owns a 54% interest in CI-514, with CNR holding a 36% stake and state oil company Petroci controlling the remaining 10%.
On Blocks CI-515 and CI-516 Total and Anadarko each control 45% stake, with Petroci holding the remaining 10%.
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