Eni S.p.A E, the Italian multi-energy firm, in collaboration with Petroci Holding, has announced a major increase in gas supply from Phase 2 of the Baleine project located offshore Côte d'Ivoire. The ramp up in production is intended to support Côte d'Ivoire’s power generation system. Higher gas production is expected to increase the country’s access to energy, ensuring a reliable power supply to meet local demand.

Gas production is expected to reach up to 70 million cubic feet per day, dedicated entirely to meeting local demands. Phase 2 of the Baleine offshore project commenced in December 2024 and has been crucial in strengthening the country’s energy sector and supporting industrial needs. It also underscores Eni’s commitment to solidifying Côte d'Ivoire’s position as a regional energy hub.

Alongside an increase in gas production, Phase 2 of the Baleine project also witnessed a significant increase in oil production, reaching 60,000 barrels per day. In Phase 1 of the offshore project, the company was producing nearly 20,000 barrels per day. Eni mentions that this significant increase in production has been realized by working closely with the Ivorian authorities and the national energy company, Petroci. The partners in the project capitalized on Eni’s integrated approach, which brings together responsible production methods while considering a positive impact on local communities.

Phase 3 of the Baleine project is currently under study and it is expected to raise the production from this field to 150,000 barrels of oil per day along with an associated gas production of 200 million cubic feet. The Baleine development is the first of its kind in Africa that has reached the net-zero Scope 1 and Scope 2 emissions milestones. The project leveraged cutting-edge technologies to reduce carbon emissions and developed innovative pathways in close collaboration with the government of Côte d'Ivoire to meet the net zero target.

These initiatives include an improved cookstove distribution program that is produced locally. These cookstoves have helped nearly 600,000 vulnerable people in local communities. Furthermore, the company has also undertaken a forest protection project that involves conserving and restoring 14 classified forests, contributing toward the carbon neutrality of the offshore project.

E’s Zacks Rank and Key Picks

E currently carries a Zacks Rank #3 (Hold).

Some better-ranked stocks from the energy sector are Archrock Inc. AROC, Oceaneering International OII and NextDecade Corporation NEXT. While Archrock currently sports a Zacks Rank #1 (Strong Buy), Oceaneering International and NextDecade carry a Zacks Rank #2 (Buy) each. You can see the complete list of today’s Zacks #1 Rank stocks here.

Archrock is an energy infrastructure company based in the United States with a focus on midstream natural gas compression. It provides natural gas contract compression services and generates stable fee-based revenues.

Oceaneering International delivers integrated technology solutions across all stages of the offshore oilfield lifecycle. The company is a leading offshore equipment and technology solutions provider to the energy industry. Its proven ability to deliver innovative, integrated solutions supports ongoing client retention and new business opportunities, ensuring steady revenue growth.

NextDecade is an emerging player in the LNG space with its Rio Grande LNG project in Texas. The demand for LNG as a clean-burning fuel continues to grow, and the commodity is expected to play a crucial role in the energy transition process. The company’s focus on expanding its liquefaction capacity is expected to enhance its position in the rapidly growing global LNG market, enabling it to meet the rising demand for natural gas.

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