Ivory Coast is set for a remarkable increase in its oil production, targeting an output of 200,000 barrels per day (b/d) by 2027. This ambitious goal, announced by President Alassane Dramane Ouattara on June 18, represents a more than threefold rise from the current 60,000 b/d.

The surge in production will be driven by a substantial $15 billion investment in the country's oil sector over the next few years. This strategic move aims to capitalise on the 1.5 billion barrels of crude oil discovered in the Calao field in March. Eni, the company responsible for this significant find, has already committed $10 billion towards the development of the offshore Baleine oil field from 2023 to 2027.

This boost will more than double the production of Senegal’s Sangomar oil field, which stands at 100,000 b/d, and surpass Niger’s output of 110,000 b/d. Ivory Coast's expansion underscores its growing influence in the regional oil and gas sector, bolstering its economic standing as a key player in West Africa.

Furthermore, these developments are expected to fortify the country's robust economic growth, which the World Bank reports at 6.9% in 2022 and 6.4% in 2023. This positions Ivory Coast not just as a major oil producer, but as a vital economic engine in the region.