Eni has secured majority stakes in two new exploration blocks located approximately 50km from the coastline of the Ivory Coast.
The two offshore blocks, named CI-101 and CI-205, are situated in the Tano basin and includes an area of approximately 2,850kmÂ².
Following the transaction, Eni holds 90% interest in both the blocks along with the operatorship. The remaining 10% stake is owned by Petroci, the state-owned company in Ivory Coast
Block CI-101 is at water depths of between 200m and 2,500m and located around 50km from Abidjan, a major urban centre in the country, while block CI-205 is at water depths of between 2,000m and 2,700m and 80km from the same city.
This acquisition is in line with Eniâ€™s Dual Exploration strategy, which aims to acquire wide majority stakes in exploration blocks with a high hydrocarbon potential.
Eni will operate the two blocks by applying its proprietary technologies and utilising important synergies with other activities in the region. The approach is expected to reduce costs and cut time-to-market.
Eni CÃ´te dâ€™Ivoire Limited previously acquired a 30% stake in the offshore exploration block CI-100 in 2015.