Cote D’Ivoire has proven reserves of 100 million barrels, however, it has only one active refinery which was built in 1965. This refinery is a complex hydrocracking refinery which has a capacity of 75,000 barrel per day and a utilization rate of 90%. This refinery provides the country with nearly all refined products consumed domestically and exports to neighboring West African countries.
Côte d’Ivoire’s small oil production has witnessed a small resurgence over 2016 due to expansion works at its two main producing fields. However, production has returned to a downtrend in 2017 and further expansion phases or new field developments will be required to maintain production growth from 2018 onwards.
It is expected that refining capacity will remain at current levels and that the country will remain a key refined fuels net exporter to its African neighbors, in a region constrained by insufficient functioning refining capacity.
Gas consumption is also expected to rise in line with domestic production for the coming years and then counting on new LNG import infrastructure from 2019 onwards. There is a strong outlook for gas demand from the power and industrial sectors; however, this will go unmet should gas import infrastructure not materialize.
Côte d’Ivoire holds great oil potential and attractive investment terms, though, after disappointing exploration results in 2017 and limited drilling in 2018, a major discovery is needed to refocus operators on the county. Much of this will depend on the risk appetite of the oil majors in the coming years.
Opportunities for hydrocarbon in the country exist in both shallow-waters and deep-water, with several discoveries proving the perceptivity of the continental shelf. Also, strong domestic demand for gas will create opportunities for gas producers and gas import projects (notably LNG-to-Power), which may materialize over the coming years. There is a strong outlook for refined products consumption growth in the country which will be boosted by high gross domestic product (GDP) growth, existing oil and gas infrastructure, and dynamic economic activity.
