Italian energy giant Eni expands exploration in Ivory Coast

With the signing of contracts with the Ivorian Ministry of Mines, Oil and Energy, Eni has expanded its presence in West Africa by acquiring four new offshore exploration blocks. This agreement took place during the SIREXE, the International Exhibition of Extractive and Energy Resources, in Abidjan and strengthens Eni's position in Côte d'Ivoire, also known by the English name Ivory Coast. The newly acquired blocks CI-504, CI-526, CI-706, and CI-708 cover an area of approximately 5,720 km² in water depths ranging from 1,000 to 3,500 meters. Their proximity to the Calao discovery in Block CI-205 offers promising synergies, according to Eni. Eni obtained exploration rights for these areas over nine years, which could lead to further discoveries and developments. Eni has been active in Côte d'Ivoire since 2015 and is currently producing approximately 22,000 barrels of oil equivalent per day. The company already operates six other blocks in Ivorian deep waters in collaboration with Petroci Holding and has made significant discoveries in the region, including the Baleine and Calao fields. The Italian company plans to increase production, particularly with the start of Baleine Phase 2 in December 2024. This is expected to raise the production of the Baleine field to 60,000 barrels of oil per day and 70 million cubic feet of associated gas. A phase three, still under evaluation, could increase production to 150,000 barrels per day and 200 million cubic feet of associated gas. Furthermore, Eni recently completed the sale of its oil facilities Nikaitchuq and Oooguruk in Alaska to Hilcorp for one billion US dollars. This transaction in June 2024 is part of a strategy to reorganize the portfolio and focus on core activities, after the two fields accounted for 1.2% of Eni's total production in 2023.