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Côte d'Ivoire Aims for 7% Annual Growth, Plans to Triple Oil Output by 2027 (President)

Wednesday, 19 June 2024 17:01
Côte d'Ivoire Aims for 7% Annual Growth, Plans to Triple Oil Output by 2027 (President)

(Ecofin Agency) - Côte d'Ivoire's economy will continue to show resilience over the coming years despite regional and international shocks, President Alassane Ouattara said on Tuesday, June 18, 2024. He announced that his administration aims for an average annual economic growth of 7% by 2027 and plans to triple the country's oil production within the same period.

“Côte d'Ivoire has shown remarkable economic resilience post-COVID-19. In 2023, the economy remained strong, achieving a growth rate of 6.5%,” President Ouattara said in his annual address to Parliament.

“Despite international and regional shocks, the growth rate is expected to average 7% or more annually from 2024 to 2027,” he added, noting that the country’s debt is under control.

Ouattara also highlighted plans to triple Côte d'Ivoire’s oil production by 2027, citing recent oil and gas discoveries in the offshore Baleine and Calao fields.

“Production should increase from 60,000 barrels per day to around 200,000 barrels per day by 2027. This will be a spectacular leap,” he said, noting that over $15 billion is expected to be invested in the country’s oil sector.

Italian oil major Eni has already committed $10 billion to developing the Baleine field, with the project to be carried out in three phases from 2023 to 2027. Discovered in 2021, Baleine is estimated to hold reserves of 2.5 billion barrels of oil and 3,300 billion cubic feet of natural gas.

In addition, Eni announced the discovery of the Calao field in March, with potential resources estimated between 1 and 1.5 billion barrels of oil.

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ECOFIN AGENCY offers a selection of articles translated from AGENCE ECOFIN. Founded in 2011, Agence Ecofin is a leader in Francophone Pan-African economic news, particularly in West and Central Africa. The agency publishes daily news on nine African economic sectors: Public Management, Finance, ICT, Agribusiness, Energy, Mining, Transport & Logistics, Communication, and Training.

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