Tullow Oil Signs Production-Sharing Contract for New Ivory Coast License
Tullow Oil PLC said Wednesday that it has signed a production-sharing contract for a new offshore exploration license in the Ivory Coast.
The London-listed oil-and-gas company said it will operate the license CI-803 with 90% equity, while the remaining 10% is held by PetroCi. The license itself covers an area of 1,345 square kilometers.
The company said the new license strengthens its position in the Tano Basin where significant prospectivity has been identified, with similar features to proven producing adjacent oil fields.
The work program for the first two and a half years includes reprocessing of existing data and prospect evaluation.
In the neighboring license CI-524, which Tullow also holds a 90% stake in, a number of drill candidates are being prepared, while preparations continue for an exploration well to be drilled in 2024.
Published: 14-12-2022
