Côte d’Ivoire’s state oil company PETROCI has raised 200 billion CFA francs (about US$358 million) from a consortium of regional banks to finance the second phase of the Baleine offshore oil project, a key pillar of the country’s ambitions to boost hydrocarbon output.
The financing package was structured in partnership with Ecobank, BNI and its subsidiary BNI Finances, Coris Bank, and Bank of Africa. PETROCI said the transaction reflects strong confidence from the regional banking sector in both the project and the company’s financial standing.
The funds will secure the execution of Phase 2 of the Baleine development while laying the groundwork for a third phase, as Côte d’Ivoire accelerates efforts to scale up oil and gas production.
Discovered in 2021, the Baleine field is considered one of the most significant hydrocarbon finds in West Africa in recent years. Its development has been structured in multiple phases to gradually ramp up output and optimise infrastructure deployment.
Phase 2, launched in July 2023, is expected to significantly increase production capacity. Authorities estimate that output will rise to between 50,000 and 60,000 barrels per day, compared with an initial projection of around 35,000 barrels, highlighting a substantial upward revision in expected volumes.
Beyond crude oil, the project is also a major source of natural gas, which plays a central role in Côte d’Ivoire’s domestic energy system. Gas currently accounts for about 70 percent of electricity generation, making additional supply from Baleine critical to supporting power production and meeting rising demand driven by economic growth and urbanisation.
The expansion of the field is aligned with the government’s broader objective of positioning Côte d’Ivoire among the top five oil producers in West Africa. Authorities have set a target of reaching 200,000 barrels per day in output by 2030, a goal that hinges in part on the successful execution of the Baleine project.
The latest fundraising also highlights the increasing role of African financial institutions in supporting large-scale energy investments. By mobilising capital from regional banks, PETROCI is tapping into local liquidity while reducing reliance on international financing, a trend that analysts say could strengthen financial resilience across the sector.
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Financial advisory firm KeysFinance Partners acted as exclusive adviser to PETROCI in arranging the deal.
The ramp-up of production at Baleine is already feeding through to the company’s financial performance. In 2024, PETROCI reported net income of 32.46 billion CFA francs (around US$58 million), representing a 58 percent increase compared with the previous year. Revenue rose 14 percent to 576 billion CFA francs (approximately $1.03 billion), supported by higher output and improved cost management.
Looking ahead, the company is targeting further growth. For 2025, PETROCI expects net income to reach 35.6 billion CFA francs (about US$64 million), underpinned by continued development of Baleine and consolidation of production capacity.
Analysts say the project could have broader macroeconomic implications for Côte d’Ivoire, strengthening export revenues, improving the balance of payments and supporting public finances through increased fiscal receipts from the oil and gas sector.
However, they caution that sustaining momentum will depend on efficient project execution, stable global energy prices and continued investment in infrastructure.
For now, the successful $358 million fundraising marks a significant milestone in the development of the Baleine field, reinforcing its role as a cornerstone of Côte d’Ivoire’s energy strategy and a key driver of future economic growth.
