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Ivory Coast
Index
By far the most important mineral in Côte d'Ivoire was
petroleum. Petroleum was first discovered in the early
1970s on the
continental shelf off the coast of Jacqueville, west of
Abidjan. A
short time later, a second field was discovered off
Grand-Bassam,
east of Abidjan. The discovery and development of the two
fields
coincided with the collapse of world cocoa and coffee
prices in the
late 1970s and was seen by many as the means by which the
country
could continue moving toward prosperity, although the
fields, named
Espoir and Bélier, were relatively small, geologically
complex, and
located in deep water. The Espoir field was developed by
United
States-based Phillips Petroleum. (PETROCI had a 10 percent
share.)
Espoir began operations in August 1982 with an output of
18,000 to
20,000 barrels per day
(bpd--see Glossary). Because of
technical
problems, output declined the following year to 15,000
bpd. By 1988
production had fallen to 10,000 bpd.
The Bélier field, developed by Exxon, did not begin
producing
oil until 1980 because of technical difficulties. Output
reached
10,000 bpd in 1981 and then fell to 6,000 bpd by 1986 in
spite of
a US$50 million investment by Exxon on a water injection
program to
maintain output and prolong the field's life.
Agip of Italy and Tenneco of the United States drilled
exploratory wells elsewhere along the coast, but neither
found
sufficient reserves to continue exploration. In 1985, as
world oil
prices dropped and projected yields from Côte d'Ivoire's
fields
were reduced to more realistic levels, both Phillips and
Exxon had
halted exploratory and development drilling in their oil
fields.
Moreover, production in the existing fields failed to
attain
projected output, and the government's target of achieving
selfsufficiency in oil production was never reached. Total oil
production declined a further 5 percent in 1986 to less
than 20,000
bpd, while national consumption exceeded 30,000 bpd. By
the end of
1988, Exxon had halted production from the Bélier field
and capped
its wells.
In 1965 the Ivoirian Refining Company (Société Ivoirian
de
Raffinage--SIR) completed construction on a refinery at
Vridi with
a capacity of 700,000 tons per year. When petroleum prices
surged
in 1979, demand dropped substantially, and output fell to
only 50
percent of capacity. Contracts with Chevron Oil of the
United
States to process crude oil from other African countries
(primarily
Nigeria) raised output to near capacity and, along with a
financial
recovery plan, led to a net improvement in the
profitability of
SIR. In 1986 capacity was increased to 3.2 million tons,
making SIR
the major source of refined petroleum products for West
Africa. It
also became Côte d'Ivoire's leading industrial plant and
the thirdranking enterprise in French-speaking Africa, with
revenues
surpassing CFA F200 billion in 1986.
Data as of November 1988
Figure 11. Economic Activity, 1983
Source: Based on information from J.-N. Loucou, "Histoire," in
Pierre Vennetier (ed.), Atlas de la Côte d'Ivoire (2d
ed.), Paris, 1983, 56-58.
Petroleum
By far the most important mineral in Côte d'Ivoire was
petroleum. Petroleum was first discovered in the early
1970s on the
continental shelf off the coast of Jacqueville, west of
Abidjan. A
short time later, a second field was discovered off
Grand-Bassam,
east of Abidjan. The discovery and development of the two
fields
coincided with the collapse of world cocoa and coffee
prices in the
late 1970s and was seen by many as the means by which the
country
could continue moving toward prosperity, although the
fields, named
Espoir and Bélier, were relatively small, geologically
complex, and
located in deep water. The Espoir field was developed by
United
States-based Phillips Petroleum. (PETROCI had a 10 percent
share.)
Espoir began operations in August 1982 with an output of
18,000 to
20,000 barrels per day
(bpd--see Glossary). Because of
technical
problems, output declined the following year to 15,000
bpd. By 1988
production had fallen to 10,000 bpd.
The Bélier field, developed by Exxon, did not begin
producing
oil until 1980 because of technical difficulties. Output
reached
10,000 bpd in 1981 and then fell to 6,000 bpd by 1986 in
spite of
a US$50 million investment by Exxon on a water injection
program to
maintain output and prolong the field's life.
Agip of Italy and Tenneco of the United States drilled
exploratory wells elsewhere along the coast, but neither
found
sufficient reserves to continue exploration. In 1985, as
world oil
prices dropped and projected yields from Côte d'Ivoire's
fields
were reduced to more realistic levels, both Phillips and
Exxon had
halted exploratory and development drilling in their oil
fields.
Moreover, production in the existing fields failed to
attain
projected output, and the government's target of achieving
selfsufficiency in oil production was never reached. Total oil
production declined a further 5 percent in 1986 to less
than 20,000
bpd, while national consumption exceeded 30,000 bpd. By
the end of
1988, Exxon had halted production from the Bélier field
and capped
its wells.
In 1965 the Ivoirian Refining Company (Société Ivoirian
de
Raffinage--SIR) completed construction on a refinery at
Vridi with
a capacity of 700,000 tons per year. When petroleum prices
surged
in 1979, demand dropped substantially, and output fell to
only 50
percent of capacity. Contracts with Chevron Oil of the
United
States to process crude oil from other African countries
(primarily
Nigeria) raised output to near capacity and, along with a
financial
recovery plan, led to a net improvement in the
profitability of
SIR. In 1986 capacity was increased to 3.2 million tons,
making SIR
the major source of refined petroleum products for West
Africa. It
also became Côte d'Ivoire's leading industrial plant and
the thirdranking enterprise in French-speaking Africa, with
revenues
surpassing CFA F200 billion in 1986.
Data as of November 1988
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