Eni gains stake in two Ivory Coast blocks

Eni has obtained majority stakes in two new exploration blocks 50km off the shore of the Ivory Coast.

The two deep offshore blocks, CI-101 and CI-205, are in the eastern part of the prolific Tano basin, where Eni already operates, and cover a total area of about 2850sq km.

Block CI-101 is at 200-2500m water depth, and is 50km south of the capital Abidjan.

Block CI-205 is at water depths of 2000-2700m, and is 80km southwest from the capital.

Eni will operate and hold a 90% stake in both blocks, while the state-owned company Petroci continues to hold the remaining 10%.

This acquisition is consistent with Eni’s Dual Exploration strategy, which aims to acquire wide majority stakes in exploration blocks with a high hydrocarbon potential, and allowing for the early monetization of resources through the sale of minority stakes.

Eni will operate the two blocks by applying its proprietary technologies and by leveraging the important synergies with other activities in the region, reducing the time-to-market, as well as costs, the company says.

Eni operates in the Ivory Coast through its subsidiary Eni Côte d’Ivoire Ltd., which in 2015 acquired a 30% stake in the offshore exploration block CI-100.