Côte d’Ivoire has taken a major step forward in developing its flagship “Whale” (Baleine) oil and gas project, as state-owned PETROCI Holding secured 200 billion CFA francs in fresh financing from a consortium of regional banks. The funding will support Phase 2 of the Baleine project and help kickstart Phase 3, signalling growing investor confidence in one of West Africa’s most ambitious energy developments.
Discovered in 2021, Baleine is the country’s largest hydrocarbon find, with an estimated 2.5 billion barrels of oil and significant gas reserves, positioning Côte d’Ivoire as an emerging energy hub in the Gulf of Guinea. Officials say the project is critical to boosting domestic energy supply, exports, and government revenues, reducing the country’s reliance on imported fuels and creating opportunities for regional power exports.
Phase 2 is expected to significantly increase production, while Phase 3 could further scale output and long-term capacity. The latest financing highlights a shift from discovery to full-scale industrial development, reinforcing the sector’s role in driving economic growth and energy security. For investors, the project represents a test case for large-scale hydrocarbon development in a region where security concerns and regulatory uncertainty have historically constrained capital commitment.
