On Monday, Eni, the Italian oil behemoth, announced the commencement of oil and natural gas production from the Balin field located off the coast of Ivory Coast. The development comes less than two years after the field’s discovery.
According to a statement from Eni, the Balin field represents the “largest hydrocarbon discovery in the sedimentary basin of Ivory Coast” and marks Africa’s “first zero-emissions project.” The production operations are being jointly managed with the national company Petroci Holding.
In the initial phase, the production will be processed through a floating unit capable of handling 15,000 barrels of oil per day and about 25 million cubic feet of accompanying gas per day. Production is expected to escalate in the second phase, slated for the end of 2024, to 50,000 barrels of oil and approximately 70 million cubic feet of gas daily. The third phase aims to further boost production to 150,000 barrels of oil and 200 million cubic feet of gas per day.
Eni highlighted that the project employs “the best available technologies to reduce greenhouse gas emissions.” Any remaining emissions will be offset through various initiatives, including providing enhanced stoves to local communities, thus eliminating the consumption of wood or coal for cooking purposes.
Eni’s involvement in Ivory Coast dates back to the 1960s. In addition to the two blocks in the Balin field, the Italian company owns four other blocks in the deep waters off the Ivory Coast, in partnership with the state-owned Petroci.
Eni, an Italian multinational oil and gas company, recently announced the beginning of oil and gas extraction from the Balin field off the coast of the Ivory Coast. The move is significant on multiple fronts, both for Eni and the African nation.
Founded in 1953, Eni is one of the world’s leading energy companies, with operations spanning exploration, production, refining, and selling of oil and gas. Headquartered in Rome, the company has a strong international presence, operating in over 70 countries.
The Ivory Coast has been gaining attention as an emerging player in the oil and gas sector. The country has untapped reserves, providing a potential boon for both domestic energy supplies and exports. It’s a strategic move for Eni to invest in this part of Africa.
Located in the sedimentary basin off the Ivory Coast, the Balin field is heralded as the largest hydrocarbon discovery in the region. This new venture is a milestone not only for Eni but also for the Ivory Coast as it promises economic and energy security benefits.
What sets this project apart is its commitment to sustainability. Eni claims that this is Africa’s first zero-emissions oil and gas project. While the specifics on how they intend to achieve this are yet to be detailed, Eni has a track record of investing in renewable energy and sustainability practices.
The project is planned to occur in three phases. Initially, a floating unit will handle 15,000 barrels of oil and 25 million cubic feet of gas daily. The second phase aims to increase this capacity, and the third phase plans an even larger escalation in production, aiming for 150,000 barrels of oil and 200 million cubic feet of gas daily.
In addition to bolstering the economy, the project is also expected to positively impact local communities. Eni has plans to offset any remaining greenhouse gas emissions through initiatives like providing enhanced cooking stoves to locals, thereby reducing the reliance on wood or coal.
Eni’s new venture off the coast of the Ivory Coast is more than an expansion of its operations; it’s a significant step toward sustainable oil and gas production. With its multiple planned phases, state-of-the-art technology, and focus on zero emissions, the project marks an important development in the global energy sector.
