Abidjan, Ivory Coast, October 28, 2024
KeysFinance Partners is proud to announce that it has acted as financial advisor to the Société Nationale d’Opérations Pétrolières de Côte d’Ivoire (PETROCI) for facilitating a financing arrangement of 300 million dollars. This financing, provided by the international oil operator REPSOL, is dedicated to investments in the BALEINE oil field.
The Ivorian national company has entered a significant development phase in recent years, initiated by major hydrocarbon discoveries off the Ivorian coast, particularly the Baleine field, which is being developed in partnership with the Italian operator ENI and began production in 2023.
Discussions started in 2024 with several international financial partners ultimately led to an agreement with REPSOL Trading, a subsidiary of the Spanish operator REPSOL, which is active across the entire value chain of the oil industry. The international operator has committed to an initial tranche of 300 million USD to enable PETROCI to finalize investments for Phase 2 of the field’s development, which is expected to reach production levels of 50,000 to 60,000 barrels per day by 2025.
As a reminder, the total investment program of PETROCI for the Baleine field is estimated at approximately 1.0 billion USD by 2027.
Fatou Sanogo – General Director of PETROCI
“This strategic financing will enable PETROCI to consolidate its investments in this major oil project, thus reinforcing Côte d’Ivoire’s role as a key player in energy production in West Africa. We are pleased to have been able to rely on local expertise to successfully carry out this financing.”
Jean-Michel ETTE – Partner and Managing Director of KeysFinance Partners
“This initial phase of PETROCI’s financing marks our commitment to the development of both the private and public sectors in Côte d’Ivoire and demonstrates our ability to mobilize our network of international financial partners for large-scale projects.”
The law firm Kwaliance acted as legal counsel on behalf of PETROCI.
For more information,
About PETROCI
the Société Nationale d’Opérations Pétrolières de Côte d’Ivoire (PETROCI) is the national oil company of Côte d’Ivoire, responsible for the management and operation of the country’s oil and gas resources. Since its inception, PETROCI has been actively engaged in the development of the Ivorian oil industry, aiming to enhance energy independence and generate sustainable economic benefits for the country.
About REPSOL
REPSOL is a Spanish company integrated across the entire energy value chain. The company engages in exploration, production, refining, distribution, and marketing activities in over 90 countries, with a revenue of more than 60 billion euros. REPSOL offers a variety of solutions, ranging from advanced fuels and renewable hydrogen to low-carbon electricity generation.
About KeysFinance Partners (www.keysfinance.com)
Based in Abidjan, KeysFinance Partners is an investment bank specialized in mergers and acquisitions, fundraising, and financial advisory in sub-Saharan Africa. Since its founding in 2014 by Joël Cadier, with the support of African investors, the company has successfully executed numerous M&A transactions in the region, totaling over 1 billion euros.
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