Eni S.p.A. (NYSE:E) is included among the 14 Best LNG Stocks to Buy Now. Eni Announces Major Discovery Offshore Ivory Coast Eni S.p.A. (NYSE:E) operates as an integrated energy company in Italy, the rest of Europe, the United States, Asia, Africa, and internationally. Eni S.p.A. (NYSE:E) announced on February 17 that it had made a major gas and condensate discovery offshore the Ivory Coast, where the Italian energy giant has been active since 2015. The company made the discovery, named Calao South, afte ...

Core Insights - Eni has made a significant gas and condensate discovery in Block CI-501 offshore Côte d'Ivoire, named Calao South, with estimated volumes of up to five trillion cubic feet (tcf) of gas and 450 million barrels (mbbl) of condensate, equivalent to approximately 1.4 billion barrels of oil [1][3][6] Group 1: Discovery Details - The Murene South-1X well, which led to the discovery, is located about 8km south-west of the Murene-1X well in the adjacent CI-205 concession and is the first exploration well in CI-501 [2] - The well was drilled to a depth of approximately 5,000m in waters 2,200m deep, and it identified hydrocarbon-bearing intervals with a gross thickness of around 50m [2][3] - A full conventional drill stem test will be conducted to evaluate the production potential of the Calao discovery [3] Group 2: Eni's Operations in Côte d'Ivoire - Eni holds a 90% operating stake in Block CI-501, with Petroci Holding owning the remaining 10% [2] - The Baleine field, operated by Eni, currently produces over 62,000 barrels (bbl) of oil and more than 75 million cubic feet (mcf) of gas per day, with plans to increase production to 150,000 bbl of oil and 200 mcf of gas daily with the commencement of phase three [4] - Eni has been operating in Côte d'Ivoire since 2015 and holds interests in various exploration blocks, including nine other blocks in collaboration with Petroci Holding [4][5] Group 3: Recent Developments - Azule Energy, a joint venture between Eni and bp, reported a major oil discovery at the Algaita-01 exploration well in Block 15/06 offshore Angola, with initial estimates suggesting approximately 500 mbbl of oil in place [5][6]

Core Insights - Eni has announced a significant gas and condensate discovery in Ivory Coast, named Calao South, which confirms the potential of the Calao channel complex and is the second-largest discovery in the country after Baleine [1] Company Summary - Eni operates in Ivory Coast with a 90% stake in Block CI-501, in partnership with state-owned Petroci Holding [1] - The Calao South discovery is estimated to contain up to 5.0 trillion cubic feet of gas and 450 million barrels of condensate, equivalent to approximately 1.4 billion barrels of oil [1] Industry Summary - The output from Baleine, the largest hydrocarbon development in Ivory Coast, is projected to increase to 150,000 barrels of oil and 200 million cubic feet of gas per day with the launch of Phase 3, highlighting its importance for the country's domestic energy needs [1]

Core Viewpoint - VAALCO Energy is actively pursuing oil and gas development projects in Côte d'Ivoire and Gabon, with significant plans for drilling and refurbishment of production facilities aimed at enhancing production efficiency and extending the economic life of its assets [1][5]. Côte d'Ivoire Developments - The company plans to refurbish the FPSO Baobab at the Baobab field in Block CI-40, which ceased production on January 31, 2025, and will undergo dry dock refurbishment in Dubai [2][3]. - The refurbishment is essential for extending the economic life of the Baobab field, allowing for continued oil production until at least 2038 [3]. - VAALCO Energy holds a 27.39% stake in the Baobab field, which is operated by Canadian Natural Resources International with a 57.61% interest [4]. - A significant development drilling campaign is scheduled for 2026, which is expected to increase hydrocarbon production from the Baobab field [5]. Expansion into Block CI-705 - In March 2025, VAALCO Energy entered a farm-in agreement for Block CI-705, acquiring a 70% working interest and a 100% paying interest through a commercial carry agreement [6]. Gabon Drilling Campaign - The company is preparing for a drilling program in Gabon for 2025/2026, expected to commence in the third quarter of 2025 [7]. - The Gabon drilling campaign will include development, appraisal, and exploration wells, as well as workovers for existing wells [8]. - A rig has been contracted from Borr Drilling for the drilling program, which will focus on the Etame and Southeast Etame North Tchibala platforms [8]. - Plans also include re-drilling existing wells and performing workovers at the Ebouri field to restore production and access previously removed reserves [9].