Eni(E) ZACKS·2024-12-30 13:21Core Insights - Eni SpA has initiated Phase 2 production from the Baleine field in Côte d'Ivoire, increasing production to 60,000 barrels of oil per day and 70 million cubic feet of associated gas, enhancing the country's energy profile globally [1][2] - The Baleine project is Africa's first net-zero emission upstream project, achieving carbon neutrality for Scope 1 and 2 emissions, and supports local initiatives benefiting over 575,000 individuals [3] - Eni's operational efficiency is highlighted by the rapid execution of Baleine Phase 2, which followed the Final Investment Decision in December 2022 and was completed swiftly [4] Company Operations - Eni has been active in Côte d'Ivoire since 2015, currently producing 22,000 barrels of oil equivalent daily and operating 10 deepwater blocks in partnership with Petroci Holding [5] - Future plans include the development of Baleine Phase 3, which could increase total production to 150,000 barrels of oil per day and 200 million cubic feet of associated gas, further establishing Côte d'Ivoire as a regional energy hub [5] Industry Context - TechnipFMC is a key player in the energy sector, focusing on subsea solutions and maintaining a strong backlog for revenue visibility and margin improvements [6] - Oceaneering International provides integrated technology solutions across the offshore oilfield lifecycle, benefiting from a diverse asset portfolio and strong customer relationships [9] - Nine Energy Service operates in key U.S. basins, with anticipated growth in demand for its services due to sustained oil and gas demand [10]