The Ivory Coast has spent more than a decade reshaping its petroleum sector to attract international investment and unlock its deepwater potential. Reforms to the petroleum code introduced production-sharing contracts as the standard model, alongside clearer cost-recovery, profit-oil, and royalty frameworks designed to improve investor confidence.
The reforms have helped attract major offshore activity. Eni’s Baleine and Calao discoveries, Vaalco Energy’s Baobab development, and Viridien’s seismic reimaging work in the Tano Basin have strengthened Ivory Coast’s position as an emerging offshore hub.
The latest development is Panoro Energy’s acquisition of DNO’s 9.09% interest in offshore Block CI-27 for US$80 million. The gas-producing asset is expected to contribute more than 20,000 boepd to Panoro’s production, increasing group output by about 23% and 2P reserves by roughly 11%.
Block CI-27 is particularly important to Ivory Coast’s energy supply. In 2025, it produced around 195 MMscfd, supplying more than 70% of the country’s gas demand and supporting power generation in Abidjan. A five-well infill drilling campaign is underway, with production expected to remain around 190–200 MMscfd and potentially rise to 230 MMscfd depending on demand.
With approximately 540 Bscf of remaining gas reserves and additional resources estimated at 380 Bscf, the block offers significant long-term production and reserve-growth potential.
For Panoro, the acquisition represents more than an individual asset purchase. It provides a strategic entry point into Ivory Coast’s growing offshore sector, combining relatively low-cost production with further opportunities for expansion.
The US$80 million transaction will be funded through a combination of seven million new Panoro shares issued to DNO and a US$50 million senior unsecured bond issuance.
source: https://oilreviewafrica.com/
African Energy Council