Côte d’Ivoire Lands $260m Offshore Drilling Deal as Eni Accelerates Oil Expansion

Côte d’Ivoire has secured another major vote of confidence in its offshore energy ambitions after Italian oilfield services giant Saipem won a US$260 million drilling contract from Eni Côte d’Ivoire, setting the stage for an extensive ultra-deepwater drilling campaign beginning in early 2027.

At the centre of the project is the Santorini, one of the world’s most technologically advanced seventh-generation drillships. Designed for some of the most demanding offshore environments, the vessel boasts a 20,000-metric-tonne deck load capacity, can operate in water depths of up to 3,658 metres, drill wells reaching 12,192 metres below the seabed, and accommodate 215 personnel.

Although Eni has not formally disclosed the exact offshore field for the campaign, the contract comes only months after the company approved the US$4 billion Baleine Phase 3 development—its largest investment yet in Côte d’Ivoire’s rapidly expanding oil and gas sector. Industry observers see the timing as a strong indication that the drilling programme will support the next phase of the flagship Baleine project.

The Baleine expansion is expected to transform the country’s production profile by increasing crude oil output from 60,000 barrels per day to 150,000 barrels per day, while natural gas production is projected to rise from 80 million cubic feet per day to 200 million cubic feet per day. The project also includes the construction of a new floating production, storage and offloading (FPSO) vessel, scheduled for delivery in 2028.

Saipem said the agreement includes a firm drilling commitment with options to extend operations into neighbouring West African countries, potentially expanding the company’s regional footprint beyond Côte d’Ivoire.

While the contract qualifies as a related-party transaction because both companies fall under the wider Eni Group, Saipem stated that the deal was executed on standard commercial terms and complies with Italian regulatory requirements.

The latest investment further strengthens Côte d’Ivoire’s reputation as one of Africa’s fastest-growing offshore petroleum producers. Successive discoveries, sustained foreign investment, and large-scale project approvals are positioning the country as an emerging energy powerhouse in the Gulf of Guinea, with ambitions to become a significant regional supplier of both crude oil and natural gas.