GRAND BASSAM, Ivory Coast (Reuters) - Ivory Coast-based Foxtrot International, along with partners Gaz de France and state oil company Petroci, plans to invest around 500 billion CFA francs over five years to boost offshore gas production, Foxtrot's managing director said.
The West African nation, the world's top cocoa producer, is pushing for heavy investment in power production as part of a plan to spur economic development after a decade-long political crisis that ended in a brief war last year.
Foxtrot, which is partly owned by the French group Bouygues, operates on Ivory Coast's CI-27 bloc and currently has daily production capacity of between 110 and 120 million cubic feet of natural gas, more than half the national output.
"This capacity should increase to 140 million cubic feet from July, 1 2013 with a maximum of 154 million cubic feet per day that could be asked of us," Foxtrot's managing director Christian Sage told Reuters.
Ivory Coast aims to boost electricity output by around 80 percent over the next six years to satisfy growing domestic and regional power demand, the oil and energy minister said earlier this month.
It currently exports electricity to Ghana, Burkina Faso, Benin, Togo and Mali and has plans to connect Liberia, Guinea and Sierra Leone to its grid as well.
"This is a series of investments that will guarantee the supply to the Vridi, Azito, Ciprel and other thermal power plants that could be built," Sage said.
Foxtrot currently operates six gas wells, and investments will go towards drilling seven new wells by the end of 2014. The company will also construct a new gas platform in its Marlin gas field, which is expected to go on-line in 2015.
The Marlin field will also produce around 7,000 barrels of crude oil per day.
Source: http://news.yahoo.com/ivory-coasts-foxtrot-invest-nearly-1-bln-gas-135009882--finance.html
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