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Eni Advances Baleine Phase 3 Expansion With Investment Approval
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Key Takeaways
Eni's Baleine Phase 3 aims to increase oil production to 150 MBPD from 60 MBPD.
Eni plans to raise gas output to 200 MMcf/d from 80 MMcf/d with a new FPSO development project.
Eni will supply all gas produced from Baleine Phase 3 to Cote d'Ivoire's domestic market.
Eni S.p.A. (E - Free Report) and its partners, PETROCI and Vitol, approved the final investment decision (FID) for the Baleine Phase 3 project during a ceremony in Abidjan. The decision marks a major milestone for the Baleine field, the largest hydrocarbon discovery ever made in Cote d’Ivoire and highlights the country’s growing importance as an energy hub in West Africa.
The Phase 3 expansion aims to significantly increase production from 60 thousand barrels per day (MBPD) to 150 MBPD, while gas output is expected to reach 200 million cubic feet per day (MMcf/d) from 80 MMcf/d. The project includes the construction of a new floating production, storage and offloading (FPSO) unit designed to improve operational efficiency, safety and environmental performance. By continuing its phased and fast-track development model, Eni is expected to reach early production milestones and reduce costs by leveraging existing infrastructure.
The integrated energy giant emphasized that all gas produced from the project will be supplied to Cote d’Ivoire’s domestic market to support electricity generation, industrial development and national energy security. Since entering Cote d’Ivoire in 2015, Eni has made significant discoveries, including Baleine and Calao, strengthening offshore exploration activity in the country. Beyond energy development, E continues to support local communities through investments in education, healthcare, training and local business development initiatives.
As an integrated energy giant with a robust presence in the Permian Basin, Chevron explores, produces and refines crude oil, natural gas and alternative energy sources. With first-quarter 2026 international net oil-equivalent production improving year over year to 1.8 million barrels of oil equivalent per day (MMBoe/d), CVX’s international output is expected to rise following an oil discovery at the Bandit prospect in the Gulf of Mexico.
Headquartered in Buenos Aires, YPF is an integrated energy giant engaged in the exploration, production and distribution of oil, natural gas and petrochemicals, with key operations in the massive Vaca Muerta shale formation. YPF, along with CVX and XOM, is benefiting from a favorable pricing environment as West Texas Intermediate crude prices surpass the $90-per-barrel mark, according to oilprice.com.
Driven by its advantaged assets in the prolific Permian Basin, offshore Guyana and liquified natural gas ventures, ExxonMobil generates strong revenues. In the first quarter of 2026, XOM increased liquids production to 3,297 MBPD from 3,139 MBPD a year earlier due to higher volumes across the United States, Canada and Other Americas. The company expects overall production to reach 5.5 MMBoe/d by 2030, including 2.5 MMBoe/d from the Permian Basin.
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Eni Advances Baleine Phase 3 Expansion With Investment Approval
Key Takeaways
Eni S.p.A. (E - Free Report) and its partners, PETROCI and Vitol, approved the final investment decision (FID) for the Baleine Phase 3 project during a ceremony in Abidjan. The decision marks a major milestone for the Baleine field, the largest hydrocarbon discovery ever made in Cote d’Ivoire and highlights the country’s growing importance as an energy hub in West Africa.
The Phase 3 expansion aims to significantly increase production from 60 thousand barrels per day (MBPD) to 150 MBPD, while gas output is expected to reach 200 million cubic feet per day (MMcf/d) from 80 MMcf/d. The project includes the construction of a new floating production, storage and offloading (FPSO) unit designed to improve operational efficiency, safety and environmental performance. By continuing its phased and fast-track development model, Eni is expected to reach early production milestones and reduce costs by leveraging existing infrastructure.
The integrated energy giant emphasized that all gas produced from the project will be supplied to Cote d’Ivoire’s domestic market to support electricity generation, industrial development and national energy security. Since entering Cote d’Ivoire in 2015, Eni has made significant discoveries, including Baleine and Calao, strengthening offshore exploration activity in the country. Beyond energy development, E continues to support local communities through investments in education, healthcare, training and local business development initiatives.
Eni currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the energy sector having presence in the upstream space are Chevron Corporation (CVX - Free Report) , YPF Sociedad Anónima (YPF - Free Report) and Exxon Mobil Corporation (XOM - Free Report) . CVX, YPF and XOM sport a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
As an integrated energy giant with a robust presence in the Permian Basin, Chevron explores, produces and refines crude oil, natural gas and alternative energy sources. With first-quarter 2026 international net oil-equivalent production improving year over year to 1.8 million barrels of oil equivalent per day (MMBoe/d), CVX’s international output is expected to rise following an oil discovery at the Bandit prospect in the Gulf of Mexico.
Headquartered in Buenos Aires, YPF is an integrated energy giant engaged in the exploration, production and distribution of oil, natural gas and petrochemicals, with key operations in the massive Vaca Muerta shale formation. YPF, along with CVX and XOM, is benefiting from a favorable pricing environment as West Texas Intermediate crude prices surpass the $90-per-barrel mark, according to oilprice.com.
Driven by its advantaged assets in the prolific Permian Basin, offshore Guyana and liquified natural gas ventures, ExxonMobil generates strong revenues. In the first quarter of 2026, XOM increased liquids production to 3,297 MBPD from 3,139 MBPD a year earlier due to higher volumes across the United States, Canada and Other Americas. The company expects overall production to reach 5.5 MMBoe/d by 2030, including 2.5 MMBoe/d from the Permian Basin.