Eni, Petroci, Vitol Finalize Baleine Phase 3 Investment

Author: Hasan Korugan…

Eni, Petroci, Vitol Finalize Baleine Phase 3 Investment

A major milestone has been reached for the Baleine oil project offshore Côte d'Ivoire. Eni, Petroci, and Vitol have approved the final investment decision (FID) for Phase 3, paving the way for a significant production boost.

Discovered by Eni in 2021, Baleine achieved first oil in 2023 and is now set to expand. The project is among the fastest to market in the region.

Phase 3 Details and Production Targets

Phase 3 aims to increase production to 150,000 barrels per day. The field holds over 2.5 billion barrels of recoverable reserves. This investment will strengthen energy supply and support economic growth in Côte d'Ivoire.

The partnership structure includes Eni (77.25%), Petroci (11.25%), and Vitol (11.5%). The development also focuses on gas to support the energy transition.

Production from Phase 3 is expected to start in 2027, marking a new era for Ivorian hydrocarbon output.

Impacted Symbols

Symbols affected by this headline and their sentiment signals

ENIPositive

ENI

Eni is directly involved as a partner in the third phase of the Baleine project. The approval of the final investment decision will positively contribute to the company's production targets and strengthen its operations in Ivory Coast.

Impact score85%

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