Eni’s Strategic Move in Côte d’Ivoire: A New FPSO Vessel

Italy’s energy giant Eni has recently taken a significant step in the oil and gas sector by partnering with Altera Infrastructure. Together, they are embarking on the construction of a new Floating Production, Storage, and Offloading (FPSO) vessel for the Baleine Phase 3 development project located off the coast of Côte d’Ivoire, West Africa. This collaboration promises to enhance offshore production capabilities and foster economic growth in the region.

The Baleine Project: A Snapshot

The Baleine project is positioned approximately 70 kilometers offshore Côte d’Ivoire, where water depths range from 700 to 1,300 meters. The third phase of this initiative, for which a Final Investment Decision (FID) was made in May 2026, encompasses a comprehensive plan for engineering, procurement, construction, installation, and commissioning (EPCIC) of the new FPSO vessel. Altera’s vessel will play a vital role in the next stage of the Baleine field’s development.

Features of the New FPSO Vessel

The upcoming FPSO, constructed by Wison New Energies in China, is designed to handle significant production levels: it will have the capacity to produce an impressive 90,000 barrels of oil per day, process 160 million cubic feet of gas per day, and store up to 1.4 million barrels of crude oil. This capacity will allow the Baleine field to amplify its total production to approximately 150,000 barrels of oil per day, along with a substantial increase in gas output.

All gas produced from this venture will be allocated to the domestic market, thereby playing a crucial role in enhancing Côte d’Ivoire’s energy needs, boosting electricity generation, and supporting the industrial sector.

Altera’s Strategic Partnership with Eni

Chris Brett, the President of Altera Production, highlighted the significance of this project, stating that it represents a major milestone for Altera. He noted the project’s potential to combine commercial solutions with world-class offshore operations and secure international capital for large-scale energy developments in Africa. This strategic partnership with Eni not only strengthens Altera’s foothold in the region but also emphasizes their commitment to Côte d’Ivoire.

The collaboration has already shown strong backing from global investors, establishing a robust platform for future growth and the potential for expanded collaboration in energy projects across the continent.

Strengthening Infrastructure and Economy

Building upon Altera’s previous successes with Baleine Phase 2, where they redeployed and currently operate the FPSO Petrojarl Kong and the FSO Yamoussoukro, this next phase will further solidify Altera’s long-term strategic positioning in Côte d’Ivoire. The project extends Altera Infrastructure’s operational presence until the mid-2040s, significantly enhancing its cashflow backlog.

This venture not only boosts production capabilities but also resonates with Côte d’Ivoire’s broader economic goals, contributing significantly to energy security and infrastructure development in the region.

Financial Backing and Project Sustainability

Altera has achieved a notable milestone by securing what they claim as the largest and most complex financing deal in their history, demonstrating strong confidence in the project’s long-term viability. The long-term funding from international institutional investors ensures financial stability from the start of construction through the entirety of the 15-year charter period linked to the FPSO.

This financial backing underscores the project’s robust credit quality and highlights the evolving landscape of offshore production capabilities tailored for major energy developments worldwide.

In summary, Eni’s endeavor with Altera Infrastructure to develop the Baleine Phase 3 project signifies a pivotal advancement in offshore energy solutions, reflecting the intertwined future of energy production and economic growth in West Africa. With substantial investments and innovative strategies, this initiative stands as a benchmark for sustainable energy practices and partnerships in the region.