On Tuesday, July 30, 2024, in Abidjan, the Ivorian Minister of Mines, Petroleum, and Energy, Mamadou Sangafowa-Coulibaly, and the General Director of the American group Elephant Oil, Matthew Lofgran, signed three Production Sharing Contracts (PSCs) for onshore oil blocks. The contracts pertain to blocks CI-520, CI-521, and CI-522, located in the eastern region of Côte d'Ivoire.

"I am pleased to see that after the numerous discoveries we have made offshore, this new partnership with Elephant Oil on these three onshore blocks will allow us to more effectively resume hydrocarbon exploration in this part of our sedimentary basin," Sangafowa-Coulibaly expressed his satisfaction.

Regarding the profit distribution, the minister highlighted that 52.5% of the benefits will be allocated to the Ivorian State. Of the remaining 47.5%, 80% will go to Elephant Oil, while 20% will be allocated to PETROCI Holding.

Matthew Lofgran assured that "in accordance with local content laws, his company will work to create numerous jobs as desired by President Alassane Ouattara."

According to the main contractual terms, the American company has three exploration periods with a total duration of seven years.