Last Published: 3/26/2019

This is among the best prospects industry sector for this country.
Overview
Côte d’Ivoire has proven oil reserves estimated at 100 million barrels and gas reserves of 1 trillion cubic feet .  Côte d’Ivoire has the potential to become a medium-sized offshore oil producer through development of the upstream industry.  The country is a net exporter of petroleum, though it imports crude oil to be refined in local refineries that are configured for the heavier oil produced elsewhere.  The Ivoirian government reports that oil production was approximately 34,000 barrels per day in 2017 and that gas production reached approximately 216 million cubic feet per day.  Côte d’Ivoire is a net regional energy exporter.

Upstream development: Growth in the oil sector has been supported by steady increases in regional electricity demand, but production had been declining due to a lack of investment.  Despite some early favorable discoveries, oil offshore production has yet to take off unlike in Ghana.  However, U.S. companies report the Ivoirian authorities are very cooperative and in general the environment for exploration is good.  Companies interested in exporting oil and gas production equipment to Côte d’Ivoire should work with the Ivoirian authorities to understand the related tax breaks available under the Ivoirian investment code.  Investment credits are now offered for exploration in deep and ultra-deep waters.  Many blocks have been delineated and are now open for negotiation.

Downstream: Oil and gas is bought through SIR (Société Ivoirienne de Raffinage -SIR), the only Ivoirian oil refinery, and its associated storage company GESTOCI.  The market for petroleum products is not liberalized, so companies seeking to market such products in Côte d’Ivoire must do so through SIR and the Ministry of Petroleum, Energy, and Renewable Energy.
Companies currently participating in the gasoline service market include Petroci, which has a partnership with Corlay Global, a Panamanian firm that acquired Texaco‘s gas stations and other marketing assets in Côte d‘Ivoire;  Total;  Vivo, a spinoff from Shell; LibyaOil, which purchased ExxonMobil‘s Côte d’Ivoire unit in early 2007;  and approximately twenty-five local suppliers.  The larger companies own shares in the refinery.  Should the market for these products be fully liberalized, there will be significant opportunities for U.S. companies.
 

 

2015

2016

2017

2018 (Jan-April)

Total Local Production

N/A

N/A

N/A

N/A

Total Exports

13,9

2,674,152

1,324,381

1,845,620

Total Imports

144,1

2,631,723

1,078,362

1,320,420

Imports from the US
 

21,9

129,998

96,377

155,430

(total market size = (total local production + imports) - exports)
NOTE: All figures are in millions of U.S. dollars; N/A =Not Available

Leading Sub-Sectors

The largest opportunities for gas and oil are currently in exploration, supply and production;

Opportunities

The oil and gas equipment market offers opportunities for U.S. companies.

Web Resources

Ministry of Petroleum and Energy 
Côte d’Ivoire’s Investment Promotion Centre (CEPICI)
Chambre de Commerce et d‘Industrie de Côte d’Ivoire
Bureau National d‘Etudes et de Développement (BNETD)
Ivoirian Customs Office
U.S. Energy Information Agency
Société Ivoirienne de Raffinage (S.I.R.)
PETROCI

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