Cote D’ivoire – Firm to invest $315mn in energy sector

  • Foxtrot International to invest in gas output
  • $315 million to be invested
  • as domestic electricity consumption rises

Foxtrot International has concluded plans to invest $315 million into improving gas output in the country. The firm operates a joint venture with Petroci (state-owned oil company). Jean-Michel Bonnet, the firm’s General Manager said the investment will “help increase natural gas deliveries by about 30%,”.

This investment comes on the heels of the growing demand for electricity in the world’s largest cocoa producing country. consumption has gone up by 10% each year prompting the need to, expand electricity generation.

The firm generates 55% of Ivory Coast’s electricity and seeks to expand its output to meet the demands of regional electricity exports. Cote D’voire exports electricity to regional neighbours including Ghana and Mali. It is also making plans to expand exports to Liberia and Sierra Leone amongst others.

Foxtrot International began producing gas in its field in 1999. With a 24% ownership in the oil block, it shares the field with state-owned Petroci (40%) and other firms (SECI 24% and Energie de Côte d’Ivoire (ENERCI) 12%).

 

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