In Côte d’Ivoire, oil and gas sector revenues reached $ 41 million in the first quarter of 2020. This represents a 6.3% year-on-year decline and a decrease of 14.87% from compared to forecast. A trend induced by the decline in production and the cessation of the export of natural gas.
At the end of March 2020, revenues from the Ivorian oil and gas sector amounted to 24.43 billion FCFA (about $ 41.1 million). These results are down 6.3% compared to the performances obtained during the same period in 2019 and 14.87% compared to the initial forecasts of revenues.
“Crude oil and natural gas production are estimated respectively at 2,506,452 barrels and 18,769,463 Mmbtu [million British thermal units, editor’s note] corresponding to flows of 27,543 barrels per day of crude oil and 206,258 Mmbtu per natural gas day ” . This is equivalent to a decrease of 25.09% and an increase of 2.99% respectively compared to the results obtained in 2019 over the same period, as indicated in the press release of the Council of Ministers, held on Wednesday, June 10, 2020.
According to the Ivorian authorities, this drop observed in the oil and gas sector comes mainly from natural depletion on block CI-26 and the limitation of crude oil production capacities on block CI-40, following the shutdown of export of natural gas.
Source: Agence Ecofin