• PETROCI raises 200 billion CFA francs to fund Baleine project

• Financing supports Phase 2 expansion, prepares launch of Phase 3

• Project boosts oil, gas output, supporting energy and growth targets

Côte d'Ivoire's state oil company PETROCI announced Thursday it had raised 200 billion CFA francs (approximately $358 million) from a pool of four regional banks to fund the second phase of the Baleine project.

"Structured in partnership with Ecobank, BNI (Banque nationale d'investissement and its subsidiary BNI Finances), Coris Bank and BOA, this fundraising reflects the confidence of the banking sector and the financial solidity of PETROCI. It will secure Phase 2 of the project and enable the launch of Phase 3, reinforcing the momentum of energy development in Côte d'Ivoire," the company said.

The transaction is part of a broader effort to strengthen PETROCI's operational capacity. KeysFinance Partners advised the oil company as exclusive financial counsel in arranging the financing.

Discovered in 2021, the Baleine field is a key driver of the national economy, with development organized across several phases. Phase 2, launched in July 2023, targets increased production of crude oil and natural gas. Authorities said expected output for this phase is between 50,000 and 60,000 barrels per day, compared with an initial estimate of 35,000 barrels.

Natural gas plays a central role in Côte d'Ivoire's energy system, accounting for roughly 70% of electricity generation. Higher volumes from the Baleine field contribute to fuel supply for power production and address growing demand. This dynamic also supports the country's goal of ranking among the top five oil producers in West Africa, with a target of 200,000 barrels per day by 2030.

The ramp-up of production at the Baleine field is reflected in PETROCI's results. In 2024, the company posted net income of 32.46 billion CFA francs, up 58%, and revenue of 576 billion CFA francs, a 14% increase. Those results were driven by higher production volumes and improved cost management.

For 2025, the company is targeting net income of 35.6 billion CFA francs, against a backdrop of continued Baleine field development and the consolidation of production capacity.

Chamberline Moko