Ivory Coast oil discoveries may be beginning of boom

Recent discoveries and ongoing exploration in Ivory Coast may see a crude boom in the next five years.

Oil firms Vanco Cote d'Ivoire and Tullow Oil have both struck light oil offshore around the Ivory Coast.  Both companies are planning further drilling around the blocks in 2013 and 2014 to clarify reserves.

This follows a decade of political turmoil leading to civil war in the region in 2011 and reducing oil output by nearly 50% as a result of technical problems and low levels of investment.

Since then Ivory Coast has signed 14 new production sharing contracts and is starting to see a boom in exploration activity.

Ivory Coast hopes to raise its oil output to around 200,000 barrels per day in five years from current volumes of around 32,000 bpd. As the world's top cocoa grower, the country is now looking to diversify its economy and boost its energy and mining sectors. Last year also saw the signing of three exclusive exploitation deals for natural gas fields.