Italian oil giant Eni pushes to fast-track $4 billion offshore expansion in Ivory Coast
Italian energy giant Eni is seeking to accelerate the $4 billion expansion of its offshore Baleine project in the Ivory Coast, as stronger crude prices improve the economics of a faster development timeline.
Black News 
Italian energy giant Eni is seeking to accelerate the $4 billion expansion of its offshore Baleine project in the Ivory Coast, as stronger crude prices improve the economics of a faster development timeline.
- Eni plans to accelerate the $4 billion expansion of the offshore Baleine project in the Ivory Coast, capitalising on higher crude prices.
- Baleine Phase 3 aims to boost oil output from 60,000 to 150,000 barrels per day and significantly increase natural gas production.
- The project includes building a floating production, storage, and offloading vessel in China, expected to be completed by mid-2028.
- Gas output from Baleine will more than double to 200 million cubic feet per day, with primary supply to the domestic Ivorian market.
Italian energy giant Eni is seeking to accelerate the $4 billion expansion of its offshore Baleine project in the Ivory Coast, as stronger crude prices improve the economics of a faster development timeline.
Eni Chief Operating Officer Guido Brusco said the company is exploring ways to shorten the project schedule for Baleine Phase 3, which was approved earlier this week alongside trading giant Vitol and state-owned oil firm Petroci.
The expansion is expected to raise oil production at the offshore field from about 60,000 barrels per day to 150,000 barrels per day, while significantly increasing natural gas output, according to Bloomberg.
Brusco said Eni has previously completed similar offshore developments within three years and believes the current market environment could allow the company to accelerate delivery by several months.
Africa strategy drives investment
The Baleine project forms part of Eni’s broader phased development strategy across Africa, where the company has increasingly focused on fast-tracked offshore energy projects. Similar models are being explored in countries including Mozambique, where Eni is considering a third floating liquefied natural gas platform.
Phase 3 of Baleine will involve the construction of a floating production, storage and offloading vessel (FPSO), which Brusco said will be built at a Chinese shipyard and is expected to be completed by mid-2028.
Once operational, gas production from the field is projected to more than double to 200 million cubic feet per day, with supplies intended primarily for the domestic Ivorian market.
Eni currently holds a 47.25% stake in the Baleine field, while Vitol owns 30% and Petroci controls the remaining interest. Earlier this year, Eni agreed to sell a 10% stake in the project to Azerbaijan’s SOCAR, although the transaction is still awaiting approval from Ivorian authorities.
