Eni and Partners Approve Phase 3 of Ivory Coast Baleine Project

Key Facts

1Eni and partners Petroci and Vitol approved the final investment decision for the third phase of the Baleine project in Ivory Coast.

In a move that strengthens Ivory Coast's position as an emerging energy hub in Africa, Eni and its partners Petroci and Vitol have officially approved the final investment decision (FID) for Phase 3 of the Baleine project. This decision marks a critical new stage in developing the field, which stands as the largest hydrocarbon discovery in the country's history. The investment aims to expand production from significant offshore discoveries and secure long-term operational growth for the partners in the region.

This expansion follows the success of Phase 1, which commenced production in record time as Eni seeks to bolster its Exploration & Production (E&P) portfolio outside traditional markets. Compared to regional peers, Eni leads in execution speed in Ivory Coast, having brought Baleine online less than two years after discovery, according to previous company reports. This step is part of a broader strategy to lower emissions, as the project is designed to be Africa's first net-zero emissions field for Scope 1 and 2.

Investors are monitoring the performance of E shares, which have maintained steady levels recently, while eyeing the impact of increased production capacity on future cash flows. Looking at the economic calendar, API Crude Oil Stock Change data released on May 20, 2026, showed a sharp decline of 9.1 million barrels, which may support global energy prices and stimulate investment appetite for major offshore projects like Baleine in the coming period.