Committed to Driving Frontier Exploration, African Energy Week in Cape Town Calls for Fast-Tracked Approvals for Field Development Regarding Eni’s Major Ivory Coast Discovery.

A sizeable discovery made by Italian oil giant Eni offshore Ivory Coast revealed potential deposits of 2 billion barrels of oil and between 1.8 and 2.4 trillion cubic feet of natural gas, and African Energy Week in Cape Town is committed to ensuring project success. 

With African exploration at the forefront of the event’s agenda, African Energy Week (AEW) 2021 will drive a strong narrative on the role of oil and gas, and upstream activities in Africa’s energy future. With Eni announcing a major oil discovery in the Baleine prospect offshore Ivory Coast – with estimated reserves pegged at 2 billion barrels of oil and between 1.8 and 2.4 trillion cubic feet of natural gas – AEW 2021 is calling for a fast-track approach in developing the field, emphasizing the role that this discovery will play in driving regional energy and economic growth. 

Despite 20 years of unsuccessful exploration in the Ivory Coast’s deepwater basins, in which no commercial discoveries were found, Italian oil giant Eni has been rewarded with a major discovery in Block C1-101. Operated by Eni (90%) and the national oil company Petroci Holding (10%) in a joint venture, exploratory drilling in the block has revealed hydrocarbon deposits that will be transformative for the region. The well comprises the first exploration well to be drilled by Eni in the Ivory Coast, drilled approximately 60km off the coast by the Saipem drill ship. After 2D seismic data and regional studies revealed significant potential in the sedimentary basin, Eni was quick to proceed with exploratory drilling, revealing the significant potential of the basin. 

During the next stage, Eni will carry out an evaluation program to assess the upside potential of the overall structure that extends into block C1-802 – also operated by the company. With studies commencing for the rapid development of the discovery, AEW 2021 is calling for a collaborative and regionally supportive approach to ensure development proceeds as quickly and effectively as possible. 

The discovery marks a significant moment for the country and wider region, ensuring a viable energy supply that will accelerate socio-economic development, alleviating energy poverty and positioning Africa as a global hydrocarbon leader. Eni has shown that the time for exploration is not over for Africa, but rather upstream campaigns should be prioritized as the continent strives for escalated economic development. 

“The discovery made by Eni offshore Ivory Coast is huge. Africa truly is the final frontier for hydrocarbon exploration, and the continent’s immense resources must be leveraged for strong and sustainable economic growth. We are confident that ENI will bring on the best technologies to develop and operate this field in a low carbon environment. We are calling on the government and stakeholders to have a fast-tracked approach to field development, positioning the country as a major hydrocarbon producer. In Cape Town, Minister Thomas Camara and many from oil and gas sector will promote upstream campaigns such as Eni’s as we firmly believe in the role that hydrocarbons will play in Africa’s energy future,” stated NJ Ayuk, Executive Chairman of the African Energy Chamber.

AEW 2021 will showcase Africa’s significant potential to African and international stakeholders, driving the deals that will catapult the continent into hydrocarbon success. By promoting the role of oil and gas, frontier exploration, and a fast-tracked approach to development, AEW 2021 aims to accelerate Africa’s energy growth and consolidate the continent’s position as a global energy producer and exporter. 

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