Ivory Coast is on track to increase its oil production more than threefold by 2027, reported Reuters, citing an announcement by President Alassane Ouattara. 

The anticipated rise in production is attributed to the development of the Baleine and Calao offshore fields. 

Ouattara, addressing a joint session of parliament, revealed plans for more than $15bn (CFA Fr6.1trn) of investment in the oil sector, projecting an increase in output from the current 60,000 barrels per day (bpd) to approximately 200,000bpd within the next five years.  

"It will be a spectacular leap," Ouattara stated. 

In November last year, Italian oil and gas major Eni committed to a $10bn investment to develop the Baleine field, located off Ivory Coast's east coast.  

This investment is scheduled to be made in three phases from 2023 to 2027.  

The Baleine field, discovered in 2021 and commencing production in August 2023, boasts certified reserves of 2.5 billion barrels (bbbl) of oil and 3.3 trillion cubic feet of natural gas. 

In a recent development, Eni announced the Calao discovery in March, with preliminary estimates suggesting the potential for 1–1.5bbl of oil.  

The drilling operations for Calao, conducted around 45km offshore in block CI-205, reached a depth of 5,000m in waters approximately 2,200m deep.  

The well encountered light oil, gas and condensates in the Cenomanian age strata, characterised by good-to-excellent permeability. 

Eni, which operates the block, is partnering with Petroci Holding in this venture.  

President Ouattara also said that these developments are set against the backdrop of Ivory Coast's robust economic growth forecast, which is expected to hover around 7% from 2024 to 2027.