- Côte d’Ivoire discovered 6 billion barrels of oil and gas since 2021, with production at ENI’s Baleine field expected to make the country a net crude oil exporter by 2030.
- The country holds vast mineral reserves, including gold, lithium, and nickel, with plans to boost mining activities and host the first International Extractive Industries Exhibition (SIREXE) in November 2024.
- Experts warn against resource over-dependence and environmental risks, as Côte d’Ivoire faces deforestation and pollution challenges linked to its growing energy and mining sectors.
Côte d’Ivoire’s economy, once rooted in agriculture, now shifts due to significant oil and gas discoveries. Since September 2021, the country has uncovered 6 billion barrels of oil and gas reserves.
Italian energy company ENI leads production at the “Baleine” oil field. By 2027, the site will produce 150,000 barrels of oil per day and 200 million cubic feet of gas daily. These resources will likely turn Côte d’Ivoire into a net exporter of crude oil before 2030.
Sangafowa Coulibaly, Minister of Mines, Energy, and Petroleum, predicts that Côte d’Ivoire will soon join the Organization of Petroleum Exporting Countries (OPEC). This discovery signals a significant economic shift, as mining sector tax revenues have jumped twentyfold since 2012.
Côte d’Ivoire also holds valuable resources beyond oil. The country possesses rich gold, lithium, manganese, nickel, and coltan reserves. Over the past decade, authorities tripled the number of mining permits to nearly 200. In May 2024, officials announced a significant gold find in the west. This deposit promises to become West Africa’s third-largest gold mine.
These minerals and energy findings support global energy transition efforts. The resources play a crucial role in producing electric vehicles and other green technologies. In November 2024, Côte d’Ivoire will host its first International Extractive Industries Exhibition (SIREXE), reinforcing its commitment to the sector.
The government remains cautious of the risks tied to resource dependency. The “resource curse” theory argues that abundant natural resources can hinder economic growth. Oil industry expert Serge Parfait Dioman calls for resource diversification to avoid this outcome.
Environmental concerns add to the challenge. ENI aims to achieve carbon neutrality in Baleine by using clean technologies and reforestation projects. However, managing emissions along the value chain remains difficult. In June 2024, mining activities caused cyanide pollution in the Cavally River, underscoring the environmental hazards of resource extraction.
The Institute for Security Studies (ISS) issued warnings about deforestation. Côte d’Ivoire lost nearly 90% of its forest cover in the past 50 years, and mining could accelerate this trend.
Côte d’Ivoire faces vast opportunities and serious risks as it approaches the global energy stage. With its natural wealth, the country stands to reshape its economy and become a significant player in energy and mining. However, success hinges on managing the environmental impact and avoiding the dangers of over-reliance on resources. Careful management will be vital to ensuring long-term prosperity and sustainability.