The President of Côte d’Ivoire, Alassane Ouattara has met with the Chief Executive Officer of Eni, Claudio Descalzi to discuss the progress of Eni’s activities in the country.
This followed the giant offshore discovery of Baleine 1-X, announced early September, 2021. With this significant oil find, Côte d’Ivoire is entitled to a 10 per cent stake in the discovery, agreed after drilling at the Baleine well about 60km off the coast.
The national oil company, Petroci Holding brokered the government’s stake indicating that Eni will operate the block, holding a 90 per cent stake.
In a statement released by Eni, the Secretary General of the Presidency Abdourahmane Cissé, the Minister of Economy and Finances Adama Coulibaly, and the Minister of Mines, Petroleum and Energy Thomas Camara were also present at the meeting.
Eni CEO and President Ouattara discussed Baleine’s appraisal and fast-track development plans. President Ouattara underscored “his strong political will to support investments and a fast time-to-market through an effective collaboration from his government,” the statement disclosed.
Baleine well discovery potential
The discovery, which took place 20 years after the last commercial discovery in the area, opens-up a new exploration concept in a mature basin.
Baleine’s potential is estimated in excess of 2 billion barrels of oil in place and about 2.4 trillion cubic feet (TCF) of associated gas. Also, its significant gas volumes will contribute to power generation in Côte d’Ivoire, strengthening the country’s role as a regional energy hub.
President Ouattara and Claudio Descalzi also deliberated on how to deliver a net zero carbon development project as well as complementing oil and gas with renewables and other decarbonization initiatives such as UN REDD+ programs for the protection of primary forests and biodiversity.
Notably, Eni has set ambitious targets to reduce its carbon emissions to net zero by 2050, while rapidly expanding its renewable power generation and biofuel capacity. The oil major has underscored that its oil production will peak in 2025 to be increasingly replaced in its upstream portfolio by gas.
Furthermore, discussions centered on measures to leverage the development of local content. This is aimed at facilitating the participation of local people and businesses in Eni’s industrial activities, through transfer of skills and knowledge and the reinforcement of communities’ skills assets.
That said, Eni via the statement pointed out its commitment to building local capacities. The statement highlighted that a collaboration between Eni Corporate University (ECU) and Ecole Supérieure du Pétrole et de l’Energie will hold to develop competencies and human capital.
Baleine-1x is the first operated exploration well drilled by Eni in Côte d’Ivoire. The CI-101 block is operated by a consortium made up in the exploratory phase of Eni, operator, and Petroci Holding.
In addition to the CI-101 block, Eni owns a stake in four other blocks in the Ivorian deepwater: CI-205, CI-501, CI-504 and CI-802, all with the same partner Petroci Holding.
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