Ivory Coast Baleine: Eni approves US$4bn Phase 3

Bigger barrels, bigger bet on Côte d’Ivoire

Italian major Eni, together with national oil company Petroci, is developing Baleine, described by Eni as Côte d’Ivoire’s largest hydrocarbon discovery, with Vitol involved in related commercial arrangements. Further expansion phases are under consideration but have not yet been publicly sanctioned. The field lies in blocks CI-101 and CI-802, about 60 km off the coast in water depths of 1,200 metres.

Eni has outlined a multi‑phase development plan for Baleine that would significantly increase oil and gas production beyond current levels, with detailed targets for later phases yet to be confirmed publicly. This positions Baleine as a potentially significant producing asset in West Africa once fully onstream. It also has the potential to increase Côte d’Ivoire’s crude export volumes considerably.

Any additional expansion phase would likely take several years from sanction to first production, based on typical deepwater project timelines. Analyst estimates suggest that a potential third phase of Baleine could require several billion dollars of additional capital expenditure, though Eni has not published an official capex figure. The pace of development signals Eni’s confidence in fast-tracking reserves already proved in earlier phases.

Eni is developing Baleine using FPSO infrastructure, with additional FPSO capacity or modifications expected for future phases, although details of any new FPSO for a possible Phase 3 have not been publicly confirmed. Any new unit would be expected to process and store oil offshore and handle gas for export to shore, designed to enhance operational efficiency, safety and emissions performance through more modern process equipment and power systems. Eni has described Baleine as its first net‑zero Scope 1 and 2 upstream development project in Africa over its full life-cycle, targeting lower carbon intensity through gas monetisation, reduced flaring, and other measures.

Gas for power, and an emerging regional hub

A central feature of the Baleine development is its domestic gas focus. Gas from the Baleine development is being supplied to the Ivorian market to support power generation and industrial expansion. Côte d’Ivoire operates a gas‑to‑power model, with gas‑fired plants supplying the majority of grid electricity alongside significant hydro and a smaller but growing share of renewables. Incremental volumes can therefore directly backstop supply and reduce reliance on imports of alternative fuels.

The project aligns with government plans to strengthen energy security and use gas to underpin industrial growth in sectors such as mining, cement and agro-processing. More stable power also matters for services and digital infrastructure, areas that have attracted rising private capital.

For investors, the Ivory Coast Baleine expansion offers several signals. First, it confirms that international oil companies still allocate significant capital to advantaged African barrels with associated gas and access to established markets. Second, it supports Côte d’Ivoire’s positioning as an emerging hydrocarbon hub in the Gulf of Guinea, complementing mature producers like Nigeria, Ghana and Angola.

The project also reflects a wider shift in African upstream portfolios towards developments that combine export-grade crude with domestic gas offtake. This lowers offtake risk and strengthens host-country support. In a period of volatile global energy prices, long-term gas sales into regulated power markets can provide a stabilising revenue base alongside more cyclical oil earnings.

For now, Eni’s ongoing development of Ivory Coast Baleine sets a clear marker. Over the coming years, investors should track execution of the FPSO infrastructure, the ramp-up to targeted oil and gas production levels, and how rising domestic gas flows translate into power sector performance, industrial load growth and, ultimately, Côte d’Ivoire’s fiscal and export metrics.

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