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Ivory Coast and Vioco Petroleum to invest $255 mln in offshore field
December 17, 2014 / 4:16 PM / 3 years ago

Ivory Coast and Vioco Petroleum to invest $255 mln in offshore field

ABIDJAN, Dec 17 (Reuters) - Ivory Coast’s state oil company Petroci and Vioco Petroleum will invest $255 million to bring into production the Gazelle oil and natural gas field on the West African nation’s CI-202 offshore block, the government said on Wednesday.

Vioco, a joint venture between the exploration and production arm of Switzerland’s Vitol and Azonto Petroleum, holds an 87 percent stake in CI-202 under a production sharing agreement signed last year. Petroci owns the remaining 13 percent.

“The council adopted a decree authorising the exclusive exploitation of the Gazelle oil and gas field,” government spokesman Bruno Kone said following a cabinet meeting.

“This is a major investment of $255 million over a period of exploitation estimated today at nine years,” he said.

The project is targeting resources of 85 billion cubic feet of gas and 2 billion barrels of liquids, according to Azonto’s company website. (Reporting by Loucoumane Coulibaly; Writing by Joe Bavier; Editing by Mark Potter)

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