What's Happening?
Altera Infrastructure has successfully leveraged Aberdeen's offshore engineering capabilities to expedite deepwater development in West Africa, particularly in Ivory Coast. At the Wider African Energy
Summit in Aberdeen, Stig Bøtker, Altera's Director of Business Development, highlighted the company's reliance on its UK base for projects in emerging African offshore hubs. The Petrojarl Kong FPSO, operating at the Eni-operated Baleine field, exemplifies this success, having been redeveloped on a fast-track schedule and achieving first oil in December 2024. The vessel processes significant amounts of oil and gas, contributing to Ivory Coast's energy supply. Altera also secured $464 million in post-delivery financing through a U.S. private placement, marking a first for West African offshore projects.
Why It's Important?
The development in Ivory Coast signifies a major step in expanding the region's energy capabilities and workforce. Altera's focus on local employment and supplier development is crucial for sustainable growth. The company's efforts to integrate emissions-reduction technologies and source equipment locally align with global environmental standards. This initiative not only boosts Ivory Coast's domestic energy supply but also strengthens its position in the global energy market. The financial backing from U.S. investors underscores the confidence in West Africa's offshore potential, paving the way for future projects and economic growth.
What's Next?
Altera plans to continue expanding its operations in Ivory Coast, with the government pushing for accelerated oil and gas development. The company aims to further develop local technical capacity and supplier networks, ensuring long-term sustainability. As the Baleine project grows, Altera will deploy more advanced technologies and increase local sourcing, potentially leading to more investment opportunities and partnerships in the region.
