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Eni (E) Announces Massive Offshore Oil Discovery in Ivory Coast

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Eni SpA (E - Free Report) announced a massive oil discovery in block CI-101. The block is situated off the coast of Ivory Coast and is operated by Eni, with a 90% ownership stake. The remaining 10% is owned by Petroci Holding.

The integrated energy firm confirmed the discovery of light oil in the block. According to the preliminary estimates of the company, the discovery potential can be in the range of 1.5 to 2 billion barrels of oil and 1.8 to 2.4 trillion cubic feet (TCF) of associated gas.

The discovery well was drilled with the employment of the Saipem 10,000 drill ship at a water depth of 1,200 meters. A total of 3,445 meters depth was reached by the company in a span of 30 days.

In the Ivory Coast, Baleine-1x is the first exploration well that was drilled by the energy giant. The other four blocks in the Ivorian deep water where Eni has participating interests are CI-205, CI-501, CI-504 and CI-802. 

Headquartered in Rome, Italy, Eni currently sports a Zacks Rank #1 (Strong Buy). Other prospective players in the energy space include Whiting Petroleum Corporation (WLL - Free Report) , Continental Resources, Inc. (CLR - Free Report) and PDC Energy, Inc. (PDCE - Free Report) . While Whiting Petroleum and Continental Resources sport a Zacks Rank #1, PDC Energy carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

Whiting Petroleum has witnessed upward earnings estimate revisions for 2021 in the past 30 days.

Continental is expected to witness earnings growth of 256% in 2021.

PDC Energy is likely to see earnings growth of 111.8% in 2021.