With recent discovery of oil deposits, Ivorian economy is diversifying into new realm of raw materials
The Hindu
Ivory Coast's economy shifts with new oil, gas, gold discoveries, but environmental concerns loom over resource extraction.
The discovery of huge deposits of natural resources including oil, gas and gold in the Ivory Coast is pushing the country’s economy in a new direction.
Over the past three years, the West African country — traditionally focussed on agriculture, in particular, cocoa — has leaned into a new role as an oil and gas producer.
Three discoveries of oil deposits in September 2021, July 2022 and February this year, revealed huge reserves estimated at six billion barrels.
The first deposit, called “Baleine”, is already up and running, operated by Italian company Eni. It aims to supply 2,00,000 barrels per day by 2026 and 200 million cubic feet per day of gas.
The Minister of Mines, Oil and Energy, Mamadou Sangafowa Coulibaly, said the country could now have the chance to join the OPEC (Organization of the Petroleum Exporting Countries) group of oil-producing countries.
“Other discoveries of raw materials are also opening potential new revenue streams. The number of mining permits and projects has tripled since 2012 — from nine to 28 — while research permits have increased from 120 to nearly 200 over the period.”
Mr. Coulibaly said the tax revenues generated are already 20 times higher than they were in 2012, at 372 billion CFA francs ($620 million). “The western half and the northeast of our country are full of strategic and critical minerals,” the Minister added.
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