Yahoo Finance Eni (E) CEO and President Ouattara Celebrate Baleine Field Launch
Eni SpA’s E CEO Claudio Descalzi and the President of the Republic of Côte d'Ivoire, Alassane Ouattara, gathered in Abidjan on Thursday to celebrate the successful start-up of the Baleine oil field off the eastern coast of Côte d'Ivoire.
Eni, in collaboration with Petroci, achieved a remarkable time-to-market of less than two years from the initial discovery, with an impressive 20,000 barrels per day (bbl/d) of Baleine's oil production at present, which surpassed the anticipated 12,000 bbl/d. The project is poised to reach its plateau of 50,000 bbl/d by the end of 2024 after the completion of the second development phase. The full field development is projected to enable production of up to 150,000 bbl/d.
Notably, Baleine's gas production is dedicated entirely to the domestic market, reinforcing access to energy in Côte d'Ivoire. Moreover, the project stands out as the first net-zero (scope 1 and 2) development in Africa.
The meeting also served as a platform to discuss Eni's broader contributions to Côte d'Ivoire's economic landscape. In addition to meeting the country's energy needs, E is actively involved in initiatives aimed at triggering economic diversification. One such initiative involves the production of vegetable oil to supply Eni's biorefineries, leveraging waste from rubber production. This operation, initiated in collaboration with the Federation of Hevea Producers of Côte d’Ivoire, not only supports the company’s decarbonization strategy but also provides an additional income for 100,000 families.
Claudio Descalzi, CEO of Eni, expressed enthusiasm about the vegetable oil production project, stating that with the start of its oil production in Côte d’Ivoire, Eni achieved a milestone that is in line with its decarbonization strategy. This project will feed the company’s biorefineries with sustainable feedstock, while also integrating Côte d’Ivoire into the value chain of biofuels, generating a positive impact on the families of local farmers with whom it collaborates through long-term agreements.
The success at Côte d'Ivoire followed Eni's venture into vegetable oil production in Kenya in 2022, with similar projects underway in Congo, Angola, Mozambique, Rwanda, Italy, Kazakhstan and Southeast Asia.
Zacks Rank & Key Picks
E currently has a Zack Rank #3 (Hold).
Some better-ranked stocks in the energy sector are Matador Resources Company MTDR, Liberty Energy Inc. LBRT and Oceaneering International, Inc. OII, each currently sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Matador Resources is among the leading oil and gas explorers in the shale and unconventional resources in the United States. The company’s prime intention is to create more value for shareholders and generate lucrative returns from the capital invested in unconventional plays.
MTDR’s earnings beat estimates in each of the trailing four quarters, delivering an average surprise of 13.89%.
Liberty Energy is a North American provider of hydraulic fracturing services to upstream energy operators. The company’s multi-basin presence offers an attractive upside opportunity compared to most of its peers. Liberty's strong relationship with high-quality customers provides revenue visibility and business certainty.
LBRT’s earnings beat estimates in three of the trailing four quarters and missed once, delivering an average surprise of 9.88%.
Oceaneering International is a leading provider of integrated technology solutions, active at all phases of the offshore oilfield lifecycle. Its strong relationship with high-quality customers provides revenue visibility and business certainty. It is well-positioned to supply equipment for deep-water projects.
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