Tullow Oil has acquired 90% stakes in four onshore blocks in Côte d’Ivoire with state-run Petroci holding the rest, the company said in a news release Oct. 12.
The four blocks—CI 518, CI519, CI301 and CI302—span 5,035 sq km (1,944 sq miles) and are located on the coastline of Côte d’Ivoire, mostly west of Abidjan.
The company said it believes the newly acquired acreage will complement its existing portfolio, considering they are located in a proven petroleum system.
“If commercial discoveries are made, the maturity of Côte d’Ivoire’s oil industry suggests a relatively short and low-cost path to production,” the company said. “Tullow intends to initiate work immediately on these licenses to allow a full tensor gradiometry survey to start in early 2018. This early survey data will be used to assess the potential of the licenses and guide future acquisition of seismic data.”