Eni Plans to Accelerate $4 Billion Baleine Oil and Gas Expansion in Côte d’Ivoire as Crude Prices Strengthen
Italian energy company Eni is seeking to accelerate the $4 billion expansion of its offshore Baleine oil and gas project in Côte d’Ivoire, supported by stronger crude oil prices that are improving the project’s economic outlook.
According to Eni Chief Operating Officer Guido Brusco, the company is evaluating options to shorten the development timeline for Baleine Phase 3, which was recently approved in partnership with trading firm Vitol and state-owned oil company Petroci.
The expansion is expected to significantly increase production at the offshore field, raising output from around 60,000 barrels per day to approximately 150,000 barrels per day.
Natural gas production is also set to rise substantially, according to industry reports.
Brusco noted that Eni has previously delivered similar offshore projects within tight timelines of about three years and believes current market conditions could allow for further acceleration, potentially reducing the overall delivery schedule.
Africa expansion strategy
The Baleine development is part of Eni’s wider strategy to expand its upstream operations across Africa, where the company is prioritising fast-tracked offshore oil and gas projects.
Similar initiatives are being considered in other markets, including Mozambique, where Eni is exploring additional floating LNG infrastructure.
Phase 3 of the Baleine project will include the construction of a floating production, storage and offloading (FPSO) vessel, which is expected to be built at a Chinese shipyard and completed by mid-2028.
Once fully operational, gas production is projected to more than double to around 200 million cubic feet per day, with a significant portion intended to supply Côte d’Ivoire’s domestic energy market.
Eni currently holds a 47.25% stake in the Baleine project, while Vitol owns 30% and Petroci holds the remaining share.
Earlier this year, Eni also agreed to sell a 10% stake to Azerbaijan’s state oil company SOCAR, though the transaction is still awaiting regulatory approval from Ivorian authorities.
