Tullow signs production-sharing deal for new offshore exploration licence

Tullow Oil plc (Tullow) has signed production-sharing contract (PSC) for offshore exploration licence CI-803 in Côte d’Ivoire.

Tullow will operate the licence with 90% equity, the remaining 10% is held by PetroCi.

CI-803 covers an area of 1,345 square kilometres and is adjacent to licence CI-524 which is also held by Tullow (90%, operator) and PetroCi (10%).

With this new exploration licence, Tullow strengthens its position in the Tano Basin where significant prospectivity has been identified within the proven Cretaceous turbidite plays, similar to the plays which are producing in the adjacent TEN and Jubilee Fields.

The work programme for the initial two and a half years includes reprocessing of existing 3D seismic data, along with prospect evaluation.

In CI-524, a number of drill candidates are being matured while preparations continue for an exploration well to be drilled during 2024.

Rahul Dhir, Chief Executive Officer, Tullow Oil plc, commented: “This new licence underscores our strong commitment to investing in and unlocking the resource potential in Côte d’Ivoire. Our exploration strategy is focussed around existing producing fields in basins where we have a differentiated understanding, in this case through our deep understanding of the Tano Basin.”