Maputo, Mozambique — Italian energy conglomerate Eni is set to expedite the $4 billion expansion of its offshore Baleine project in Ivory Coast, a strategic move bolstered by the rise in crude oil prices. This initiative, known as Baleine Phase 3, is poised to transform Ivory Coast’s energy sector by increasing oil production from 60,000 to 150,000 barrels per day and significantly enhancing natural gas production to over 200 million cubic feet per day. Eni’s Chief Operating Officer, Guido Brusco, has outlined the company’s ambition to compress the project schedule for Baleine Phase 3, reflecting a strategic adaptation to the favorable economic climate.
The expansion is already a significant component of Eni’s pan-African energy investment strategy, which includes fast-tracked offshore projects not only in Ivory Coast but also in countries such as Mozambique.
The construction of a floating production, storage, and offloading vessel (FPSO) in China, set for completion by mid-2028, underscores Eni’s commitment to the Baleine project. This FPSO is critical for handling the anticipated surge in production. Eni’s 47.
25% stake in the Baleine field, alongside Vitol’s 30% and Petroci’s control of the remaining interest, demonstrates the collaborative approach to the project.
The company’s recent agreement to sell a 10% stake to Azerbaijan’s SOCAR, pending approval, is a testament to the project’s potential and strategic importance.
The accelerated timeline for the Baleine expansion aligns with the broader economic goals of Ivory Coast, which aims to triple its oil output to 200,000 barrels per day by 2027. This ambitious plan, spearheaded by President Alassane Ouattara, includes substantial investments, with Eni contributing a significant portion of the funds.
As Eni’s offshore expansion gains traction in Ivory Coast, it signifies a potential shift in the African energy landscape, offering economic growth and energy security opportunities for both the country and the continent.
*Additional reporting by ImNews | Sources consulted: 5*
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This original article was produced by the ImNews editorial team
Source: Africa.businessinsider
Source: Adekunle Agbetiloye
