Italian energy giant Eni is seeking to accelerate the $4 billion expansion of its offshore Baleine project in the Ivory Coast, as stronger crude prices improve the economics of a faster development timeline.
Eni Chief Operating Officer Guido Brusco said the company is exploring ways to shorten the project schedule for Baleine Phase 3, which was approved earlier this week alongside trading giant Vitol and state-owned oil firm Petroci.
The expansion is expected to raise oil production at the offshore field from about 60,000 barrels per day to 150,000 barrels per day, while significantly increasing natural gas output, according to Bloomberg.
Brusco said Eni has previously completed similar offshore developments within three years and believes the current market environment could allow the company to accelerate delivery by several months.
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