Eni Announces Major Discovery Offshore Ivory Coast

Eni S.p.A. (NYSE:E) is included among the 14 Best LNG Stocks to Buy Now.

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, after successfully drilling Murene South-1X, the first exploration well in Block CI-501.

According to the company, the find confirms the potential of the Calao channel complex, which has an estimated volume of up to 5 Tcf of gas and 450 million barrels of condensate, or approximately 1.4 billion barrels of oil. Block CI-501 is operated by Eni with a 90% stake in partnership with the state-owned Petroci Holding.

This marks Eni’s second major find in Africa in recent days, as the company revealed on February 14 that its joint venture had made a significant offshore oil discovery offshore Angola, with preliminary estimates pointing to around 500 million barrels of oil.

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