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Eni SpA E has commenced Phase 2 production from the Baleine field in Côte d'Ivoire’s offshore, a milestone in the country's energy development. This new phase elevates production to 60,000 barrels of oil per day and 70 million cubic feet of associated gas, strengthening Côte d'Ivoire’s role in the global energy sector.
The project utilizes the Floating Production, Storage, and Offloading Unit Petrojarl Kong alongside the Floating Storage and Offloading Unit Yamoussoukro. While oil is exported, the processed gas is directed to the local energy network through the infrastructure developed during Phase 1. This initiative underscores Eni's commitment to bolstering national energy access and highlights Côte d'Ivoire’s growing prominence as an energy-producing nation.
Baleine is notable as Africa’s first net-zero emission upstream project, achieving carbon neutrality for Scope 1 and 2 emissions. Eni employs advanced technologies to minimize the carbon footprint and supports local initiatives like clean cooking programs, benefiting over 575,000 vulnerable individuals. It also expects to protect and restore 14 classified forests. These efforts align with broader sustainable development goals and reinforce Eni’s collaboration with Côte d'Ivoire.
The rapid execution of Baleine Phase 2 demonstrates Eni’s operational efficiency. Following the Final Investment Decision in December 2022, Phase 1 began in August 2023, and Phase 2 was completed safely and swiftly. Eni’s innovative renovation and reuse of production units further showcase its ability to achieve rapid time-to-market.
Eni has been active in Côte d'Ivoire since 2015, currently producing 22,000 barrels of oil equivalent daily and operating 10 deepwater blocks in partnership with Petroci Holding. The company’s ambitious plans include the development of Baleine Phase 3, which could boost total production to 150,000 barrels of oil per day and 200 million cubic feet of associated gas. This expansion will further position Côte d'Ivoire as a regional energy hub and deepen Eni's strategic collaboration with its local partners.
E’s Zacks Rank & Key Picks
E currently has a Zack Rank #3 (Hold).
Investors interested in the energy sector may look at some better-ranked stocks like TechnipFMC plc FTI, Oceaneering International, Inc. OII and Nine Energy Service NINE. While TechnipFMC and Oceaneering presently sport a Zacks Rank #1 (Strong Buy) each, Nine Energy carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.