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Eni, Petroci, Vitol Approve Baleine Phase 3 to Boost Oil Output to 150,000 b/d

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Eni (E), Petroci, and Vitol approved the final investment decision for Baleine Phase 3, targeting 150,000 barrels per day of oil output, Eni said Monday.

The Baleine Phase 3 expansion will increase crude production to 150,000 b/d from 60,000 b/d, while gas output will rise to 200 million cubic feet per day from 80 MMcf/d, according to the company.

Cote d'Ivoire Energy Minister Mamadou Sangafowa-Coulibaly attended the approval ceremony in Abidjan as Eni and its partners advanced development of the country's largest hydrocarbon discovery.

The project includes a new floating production, storage and offloading unit that will help improve efficiency, increase safety standards and reduce environmental impact.

Eni will use the phased development model from Baleine's earlier stages to speed up production, lower development costs and make better use of existing infrastructure.

The partners will direct all gas from Baleine Phase 3 to Cote d'Ivoire's domestic market to help expand electricity generation and support industrial growth nationwide.

Eni Chief Executive Officer Claudio Descalzi said the project highlights the company's fast-track development model while supporting energy security, economic growth and lower-carbon energy goals.

Eni has operated in Cote d'Ivoire since 2015, where it discovered the Baleine and Calao fields and supported education, healthcare, training and local business initiatives.

Price: $54.39, Change: $-0.75, Percent Change: -1.36%

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