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Tullow Oil has signed a licence for a new block offshore Cote d’Ivoire, adjacent to a licence it already controls.
Tullow has now won a 90% stake in the CI-803 area, which covers 1,345 square km. State-owned Petroci holds the other 10%. The block is next to CI-524, in which Tullow has 90% and Petroci 10%.
“This new licence underscores our strong commitment to investing in and unlocking the resource potential in Côte d’Ivoire,” said Tullow CEO Rahul Dhir.
“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.”
Tullow has had success in the Tano Basin, within the Cretaceous turbidite plays, similar to the TEN and Jubilee projects.
In the first two and a half years, Tullow has committed to reprocessing existing 3D seismic and evaluating prospects.
It is a step further along in CI-524. It is working on drill options, with plans to drill an exploration well in 2024.
In its November trading update, Tulow said this block offered “operational synergies”. It attributed this to the company’s producing fields and its experience in the Tano Basin.