Some big news coming out of Côte d’Ivoire from last week. On 14 June, Murphy Oil Corporation
signed 5 new Production Sharing Contracts for offshore blocks CI-102, CI-103, CI-502, CI-531 & CI-709. The PSC negotiations had been ongoing since Q3 last year, with the Council of Ministers giving the green light to sign the contracts in mid-February 2023.
The awards constitute a country entry for the US company, as well as a return to African exploration, after Murphy withdrew from its positions in Cameroon, Congo, Equatorial Guinea and Namibia between 2013-2016.
Murphy has taken a 90% operating stake in the blocks, alongside the NOC PETROCI
with 10% carried equity (aside from CI-103 where equity is split 85/15). This underexplored acreage, which lies west of Eni
‘s giant Baleine discovery and covers a combined area of ~6,000 sq km in the Ivorian Basin, is most certainly being filed as a potential farm-in opportunity in Enverus
‘ Global Scout upstream database, with Murphy likely to seek partners as it moves through the exploration phases.