Ivory Coast: Eni Plans To Invest $10B In Offshore Baleine Field

Italian oil and gas supermajor, Eni has announced plans to invest $10 billion toward the development of the Baleine field offshore Ivory Coast,West Africa.

The investment will be made in three phases between 2023 and 2027 and will result in the production of 200,000 barrels of crude oil per day (bpd).

Oil and gas production from the field began in late August 2023, two years after the field’s discovery.

Estimated to contain up to 2.5 billion barrels of oil and 3.3 trillion cubic feet of natural gas, first production resulted in 30,000 bpd in 2023.

“With a total investment estimated at $10 billion, the Baleine project will have a lasting impact on our economy,” Ivorian  Minister for Mines, Oil and Energy, Mamadou Sangafowa Coulibaly said.

Located off the country’s eastern coast, the Baleine field extends through Blocks CI-101 and CI-802, where Eni serves as operator with an 83% stake alongside its partner, national oil company Petroci, which holds the remaining 17% stake.

In addition to reducing Ivory Coast’s dependence on gas imports, the project is expected to become the first emissions free development project in Africa under Scopes 1 and 2 of the global standard Greenhouse Gas Protocol.