Eni bags pair of Ivory Coast blocks

Italian oil company Eni has obtained majority stakes in two new exploration blocks off the shore of the Ivory Coast.

The two blocks are located approximately 50 km from the country’s coastline, the company said in a statement on Wednesday.

The two deep offshore blocks, denominated CI-101 and CI-205, are in the eastern part of the prolific Tano basin, where Eni already operates, and cover a total area of about 2,850 square kilometers.

Block CI-101 is at water depths of between 200 and 2,500 m and located 50 km south of the capital Abidjan, while block CI-205 is at water depths of between 2,000 and 2,700 m, and located 80 km south-west from the capital.

Eni will operate and hold a 90% stake in both blocks, while the state-owned company Petroci continues to hold the remaining 10%.

According to the company, this acquisition is consistent with its dual exploration strategy, which aims to acquire wide majority stakes in exploration blocks with a high hydrocarbon potential, and allowing for the early monetization of resources through the sale of minority stakes.

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