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Thursday, December 15, 2022
Tullow Oil plc (Tullow) announced the signing of a Production Sharing Contract (PSC) for offshore exploration license CI-803 in Côte d’Ivoire. Tullow will operate the license with 90% equity, the remaining 10% is held by PetroCi. CI-803 covers an area of 1,345 sq km and is adjacent to license CI-524 which is also held by Tullow (90%, operator) and PetroCi (10%).
With this new exploration license, Tullow strengthens its position in the Tano Basin where significant prospectivity has been identified within the proven Cretaceous turbidite plays, similar to the plays which are producing in the adjacent TEN and Jubilee Fields. The work program for the initial two and a half years includes reprocessing of existing 3D seismic data, along with prospect evaluation. In CI-524, a number of drill candidates are being matured while preparations continue for an exploration well to be drilled during 2024.
Rahul Dhir, Chief Executive Officer, Tullow Oil plc, commented: “This new license underscores our strong commitment to investing in and unlocking the resource potential in Côte d’Ivoire. Our exploration strategy is focused around existing producing fields in basins where we have a differentiated understanding, in this case through our deep understanding of the Tano Basin.”
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