Eni Acquires Four New Exploration Blocks Offshore Cote d'Ivoire

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. 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 3,500 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.The 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).Eni’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.The 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.Eni’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.E’s Zacks Rank and Key PicksCurrently, E carries a Zacks Rank #3 (Hold).Some 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.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. With sustained oil and gas market demand, SND is expected to see growing demand for its services, providing a positive outlook.FuelCell 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.Nine 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.Free Today: Profiting from The Future’s Brightest Energy SourceThe demand for electricity is growing exponentially. At the same time, we’re working to reduce our dependence on fossil fuels like oil and natural gas. Nuclear energy is an ideal replacement.Leaders from the US and 21 other countries recently committed to TRIPLING the world’s nuclear energy capacities. This aggressive transition could mean tremendous profits for nuclear-related stocks – and investors who get in on the action early enough.Our urgent report, Atomic Opportunity: Nuclear Energy's Comeback, explores the key players and technologies driving this opportunity, including 3 standout stocks poised to benefit the most.Download Atomic Opportunity: Nuclear Energy's Comeback free today.Want 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 Eni SpA (E): Free Stock Analysis Report FuelCell Energy, Inc. (FCEL): Free Stock Analysis Report Smart Sand (SND): Free Stock Analysis Report Nine Energy Service, Inc. (NINE): Free Stock Analysis ReportTo read this article on Zacks.com click here.Zacks Investment ResearchWeiter zum vollständigen Artikel bei Zacks Weiter zum vollständigen Artikel bei Zacks