Canadian Natural Resources Ltd. (NYSE: CNQ) is postponing its planned investment on Ivory Coast offshore blocks pending a rebound in crude prices, its general manager in the West African nation said on July 19.

The investment was expected to range between $300 million and $400 million.

After spending around $1.5 billion on drilling new wells on its Espoir and Baobab fields in the last two years, Canadian Natural Resources has raised its output from 18,000 barrels per day (bbl/d) in late 2013 to its current level of between 40,000 bbl/d and 45,000 bbl/d.

However, oil prices have tumbled over the past two years. Brent crude was trading at around $47/bbl on July 19, down from over $100/bbl in late 2014.

"We were obliged to suspend our operations due to the low barrel price," Koffi told Reuters. "We plan to restart if prices rebound. We think if we restart drilling we could add 5,000 bbl/d to 10,000 bbl/d on current output."

Investments over the past two years also doubled natural gas output from Canadian Natural Resources' blocks, critical for supplying Ivory Coast's gas-fired power plants, to around 70 million cubic feet per day (MMcf/d) from 35 MMcf/d in 2013.

"If there are new discoveries, Ivory Coast can be self-sufficient in gas. Today Ivory Coast faces a shortfall of 30 MMcf/d to 40 MMcf/d," Koffi said.

While it has developed natural gas deposits for domestic consumption, French-speaking West Africa's largest economy has ignored its energy sector for decades as the government concentrated on developing agricultural exports.

Ivory Coast's daily crude oil output stands at around 53,000 bbl/d, but its offshore blocks, located at the heart of the Gulf of Guinea are attracting growing interest.

Companies either currently conducting exploration in Ivory Coast or preparing to do so include France's Total (NYSE: TOT), U.S. firms ExxonMobil (NYSE: XOM) and Anadarko Petroleum (NYSE: APC), and Africa-focused Tullow Oil.

Offshore