Eni Acquires Four New Exploration Blocks Offshore Cote d'Ivoire

Zacks11-29

Eni S.p.A E, an Italian integrated energy company, has entered into an agreement with the Ministry of Mines, Oil and Energy of Côte d’Ivoire, for acquiring four new exploration blocks, namely CI-504, ...

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The agreement should enable Eni to continue exploration activities in the area for nine years.The blocks CI-504, CI-526, CI-706 and CI-708 span an area of approximately 5,720 square kilometers. The water depth at the site ranges between 1,000 meters and 3,500meters. Eni has been active in Cte d’Ivoire since 2015. The company currently operates six deepwater blocks in the country, including CI-101, CI-205, CI-401, CI-501, CI-801 and CI-802, in partnership with Petroci Holding.Smart Sand is a low-cost producer of high-quality Northern White frac sand, an ideal proppant for hydraulic fracturing and various industrial applications. The company provides proppant and other logistics services for several companies in the oil and gas industry.","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"SND":"Smart Sand Inc.","BK4541":"氢能源","NINE":"Nine Energy Service Inc.","FCEL":"燃料电池能源","BK4096":"电气部件与设备","BK4201":"综合性石油与天然气企业","BK4179":"石油天然气设备与服务","E":"埃尼石油"},"translate_title":"埃尼收购科特迪瓦近海四个新勘探区块","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"E":1,"NINE":1,"SND":1,"FCEL":0.9},"content_text":"Eni S.p.A E, an Italian integrated energy company, has entered into an agreement with the Ministry of Mines, Oil and Energy of Côte d’Ivoire, for acquiring four new exploration blocks, namely CI-504, CI-526, CI-706 and CI-708, off the coast of the country. The agreement should enable Eni to continue exploration activities in the area for nine years. \nThe blocks CI-504, CI-526, CI-706 and CI-708 span an area of approximately 5,720 square kilometers. The water depth at the site ranges between 1,000 meters and 3,500 meters. Eni has been active in Côte d’Ivoire since 2015. The company currently operates six deepwater blocks in the country, including CI-101, CI-205, CI-401, CI-501, CI-801 and CI-802, in partnership with Petroci Holding.\nThe four offshore blocks acquired by Eni lie close to the Calao discovery in Block CI-205. This implies that the company can leverage its existing resources and create further synergies in the region. E’s current production from the region amounts to approximately 22,000 barrels of oil equivalent per day (boe/d).\nEni’s exploration activities in Côte d’Ivoire have resulted in two of the largest hydrocarbon discoveries in the region until now. These discoveries — Baleine and Calao — have significantly added to the country’s production potential. The company is actively working to increase production from these fields. It is making quick progress on the Baleine development. E plans to launch Baleine Phase 2 just a year after the start-up of Baleine Phase 1. The second phase of the development is scheduled for launch in December 2024.\nThe start-up of Baleine Phase 2 is expected to increase the total production from the Baleine field to around 60,000 boe/d. The associated gas from this field amounts to 70 million cubic feet (mcf) of gas. Eni stated that Baleine Phase 3 is currently under development and it is working toward capitalizing on this development’s full potential. The third phase of the development is anticipated to raise the production to 150,000 boe/d, along with 200 mcf of associated gas.\nEni’s continued exploration efforts in the West African nations are expected to significantly boost its hydrocarbon reserves and production capabilities. By increasing production from these discoveries, Eni is also contributing to the country’s energy security while establishing itself as a prominent exploration player in the region.\nE’s Zacks Rank and Key Picks\nCurrently, E carries a Zacks Rank #3 (Hold).\nSome better-ranked stocks from the energy sector are Smart Sand, Inc. SND, FuelCell Energy FCEL and Nine Energy Service NINE, each carrying a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.\nSmart Sand is a low-cost producer of high-quality Northern White frac sand, an ideal proppant for hydraulic fracturing and various industrial applications. The company provides proppant and other logistics services for several companies in the oil and gas industry. With sustained oil and gas market demand, SND is expected to see growing demand for its services, providing a positive outlook.\nFuelCell Energy is a clean energy company offering low-carbon energy solutions. It produces power using flexible fuel sources such as biogas, natural gas and hydrogen. The company designs fuel cells that generate electricity through an electrochemical process that combines fuel with air, reducing carbon emissions and minimizing the environmental impact of power generation. As such, FCEL is anticipated to play a crucial role in the energy transition by enabling industries and communities to shift from traditional fossil fuels to low-carbon alternatives.\nNine Energy Service provides onshore completion and production services for unconventional oil and gas resource development. The company operates across key prolific basins in the United States, including the Permian, Eagle Ford, MidCon, Barnett, Bakken, Rockies, Marcellus and Utica, as well as throughout Canada. With a sustained demand for oil and gas in the future, the need for NINE’s services is anticipated to increase, which should position the company for growth in the long run.\nWant the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report\nEni SpA (E) : Free Stock Analysis Report\nFuelCell Energy, Inc. (FCEL) : Free Stock Analysis Report\nSmart Sand (SND) : Free Stock Analysis Report\nNine Energy Service, Inc. (NINE) : Free Stock Analysis Report\nTo read this article on Zacks.com click here.\nZacks Investment Research","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"corporation","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.3","shortVersion":"4.29.3","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2487699635"}