Canadian Natural Resources Awarded Ivory Coast Block
Canadian Natural Resources was recently granted rights to explore block CI-400 offshore the Ivory Coast. Portions of two other blocks were carved up to make CI-400 and the block has water depths up to 6,600 feet. CNR will have two years to acquire and interpret seismic data before making a decision on development, but remains "generally optimistic" that oil will be found.
Earlier this year the Espoir field came on stream and is currently producing approximately 12,000 barrels of oil per day. The production target for the Espoir field is between 25,000 and 30,000 barrels per day by the fourth quarter of 2002. Production from the recent discovery on the Baobab field on block CI-40 is expected to come on stream by 2005.