Italian oil gian ENI recently increased the country's reserves of crude oil and natural gas by 25%, with a new discovery off Assinie on the Southeast coast, next to a previous offshore field discovered last year by the same company; a major boost for the Ivorian economy in need of a shot in the arms due to the effects of the Corona virus pandemic and now the war in Ukrain.

This new discovery, the second in as many years confirms the potential of the Ivorian coast. The vast deposit named "Baleine" will increase from 2 billion to 2.5 billion barrels of crude oil, in addition to 3,300 billion cubic feet of natural gas, from 2,400. The Ivorian share of the profits is 52% with 48% going to the Italians.

According to economist Yao Seraphin Prao, this will further boost the growing Ivorian economy : "These discoveries will strengthen and diversify the foundations of our economy. In 2018, oil brought 500 billion CFA francs revenue to Côte d'Ivoire. As long as oil is dicovered on the ivorian coast, more money goes into the state's coffers." 

The first barrels are expected by the second quarter of 2023

For the economist, this deposit could help subsidize the price of gasoline, which is constantly rising, and provide the country with better electricity coverage: " In order to reach emergence, all villages and household must obtain electricity. As you know, the electricity grids and networks depend on oil and natural gas, so I think these discoveries are needed by the people.

When the Italians made their fisrt discovery public, political opponents and environmental activists welcomed the news, while calling on the state not to ignore the people and to continue the development of renewable energy.

Published By Claude Djaquis

Editor-In-Chief on 30/07/[email protected]:33