Tullow Oil signs new production sharing licence in Côte d'Ivoire

Tullow Oil has signed a production sharing contract for an offshore exploration licence in Côte d'Ivoire.

UK-listed Tullow will operate the licence with 90% equity and the remaining 10% is held by PetroCi. The licence covers an area of 1,345 square kilometres and is adjacent to licence CI-524 which is also held by Tullow and PetroCi.

“With this new exploration licence, Tullow strengthens its position in the Tano Basin where significant prospectivity has been identified within the proven Cretaceous turbidite plays, similar to the plays which are producing in the adjacent TEN and Jubilee Fields,” the company said on Wednesday.

Reporting by Frank Prenesti for Sharecast.com