3.750
%
Negative
71
mm boe
36
%
Côte d'Ivoire has emerged as one of West Africa's most attractive upstream jurisdictions, with Eni's Baleine field producing and the Murène discovery adding resources. Ouattara's re-election in October 2025 maintained continuity, and the government's encouragement of investment is now delivering results. Outlook amended from Negative because discoveries, production growth and political continuity have transformed the outlook. Outlook: Positive. Risk premia unchanged at 3.75%.
October 7, 2026
Africa - West
mm bbl
bcf
Western Africa, bordering the North Atlantic Ocean, between Ghana and Liberia.
PSC/PSA
Companies operating in Côte d'Ivoire do so under a relatively simple PSC system, the structure of which includes bonuses, cost oil/gas available for the recovery of operating and capital costs as a fixed % of production, and profit oil/gas divided between the investor and the government on a sliding scale basis linked to either production shares or to an 'R Factor'. Profit share splits are negotiable; negotiated terms vary but generally reflect the level of expenditure and risk involved. Income taxes are paid by the State on the contractors behalf.
President Alassane Ouattara won a fourth term in October 2025 after leading opponents were excluded from the ballot. The country is stable with strong growth, but faces succession uncertainty and jihadist risk on its northern border. US and UK guidance highlight a favourable investment code and infrastructure, but note bureaucracy, the judiciary and corruption. Eni's Baleine discovery, brought onstream rapidly in phases from 2023, together with the Calao find, has transformed the upstream outlook and sustained IOC interest.
Source: ESRI, Heritage Index, HMG Foreign & Commonwealth Office, US Department of State, International Trade Administration, International Law Review, Ernst & Young, Wood Makenzie & OGA data.
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