Eni has announced a significant natural gas and condensate discovery offshore the Ivory Coast, marking a crucial step in the exploration efforts in the region. This discovery, known as Calao South, is part of Block CI-501 and is considered the second largest in the country after the Baleine field, which has been a key asset for Eni since its inception in the region.
The Italian energy company revealed this development on Monday, stating that the Murene South-1X exploration well was successfully drilled, confirming the potential of the Calao channel complex. According to Eni, the Calao discovery is estimated to contain up to 5.0 trillion cubic feet (Tcf) of gas and approximately 450 million barrels of condensate, which translates to around 1.4 billion barrels of oil.
Eni’s operations in Côte d’Ivoire have been growing since 2015, with the company holding interests in ten exploration blocks offshore the country. The discovery of Calao South highlights the ongoing efforts by Eni to enhance its natural gas resources in Africa. Eni operates Block CI-501 with a 90% stake, while Petroci Holding retains a 10% share in the project.
Boosting Production and Energy Security
The Baleine field, operated by Eni, currently produces more than 62,000 barrels of oil and over 75 million cubic feet of gas daily from its first two phases. With the upcoming launch of Phase 3, production is expected to increase significantly to 150,000 barrels of oil and 200 million cubic feet of gas per day. This enhancement is set to play a vital role in meeting Côte d’Ivoire’s domestic energy demands.
In recent months, Eni has made strategic moves to strengthen its position in the region, including selling a 30% share in the Baleine oil and gas project to Vitol, the world’s largest independent oil trader. Additionally, it has divested a 10% stake to SOCAR, the State Oil Company of the Republic of Azerbaijan.
Eni’s commitment to exploration and development in Côte d’Ivoire underscores its strategy of partnering with other companies to expedite the growth of its energy portfolio. The success of the Murene South-1X well not only enhances Eni’s asset base but also bolsters the energy landscape of Côte d’Ivoire as it continues to evolve as a significant player in the African oil and gas sector.
