Ivory Coast’s council of ministers has greenlit the signing of production-sharing agreements with Italian energy giant Eni, a significant step towards bolstering the nation’s ambitions as a key regional oil and gas producer. The agreements, which pertain to four oil blocks—CI-504, CI-526, CI-706, and CI-708—were approved on Thursday.

Under these new deals, a minimum of $80 million will be invested during an initial three-year exploration period, according to a statement from the council. This move comes as Ivory Coast, the world’s leading cocoa producer, seeks to triple its oil output by 2027, driven by a series of recent oil and gas discoveries.

Eni, which has a long-standing presence in Ivory Coast dating back to the 1960s through its subsidiary Agip Côte d’Ivoire, recently commenced oil production at the Baleine field. This field is estimated to hold reserves of 2.5 billion barrels of oil and 3.3 trillion cubic feet of natural gas, positioning it as a cornerstone of the country’s energy strategy.

The Italian company has yet to comment on the newly approved agreements. However, these developments underline Ivory Coast’s growing focus on enhancing its energy sector, aiming to become a major oil and gas hub in West Africa.

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