Eni Secures New Ivory Coast Offshore Exploration Block

Eni Secures New Ivory Coast Offshore Exploration Block

Ivory Coast and Eni SpA have signed a contract for the acquisition of the CI-707 offshore oil-exploration block, according to cabinet meeting minutes. The three-year initial phase deal includes a minimum $20 million investment commitment from the Italian energy major.

The agreement builds on Eni’s significant offshore hydrocarbon discoveries at the Baleine and Calao fields off the West African nation’s coast. The company began a second phase at Baleine in December aimed at increasing output to 60,000 barrels per day, with a planned third phase that will more than double production to 150,000 barrels per day.

The new CI-707 block represents Eni’s continued expansion in West African offshore exploration, leveraging the company’s proven track record in the region’s hydrocarbon development.

Source: worldoil.com