Tullow Oil has signed a production sharing contract (PSC) for Ivory Coast's offshore exploration license CI-803.
Tullow will operate the license with 90% equity, with the remaining 10% held by PetroCi.
The CI-803 offshore block covers an area of 1,345 square kilometers and is adjacent to license CI-524, also held by Tullow (90%, operator) and PetroCi (10%).
"With this new exploration license, 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," Tullow Oul said .
The work program 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, Tullow Oil said.
Rahul Dhir, Chief Executive Officer, Tullow Oil plc, said: "This new license underscores our strong commitment to investing in and unlocking the resource potential in Côte d'Ivoire. Our exploration strategy is focused around existing producing fields in basins where we have a differentiated understanding, in this case, through our deep understanding of the Tano Basin.