Altera Infrastructure has finalized principal agreements with Eni for the supply of a new floating production, storage and offloading (FPSO) vessel, marking a significant milestone for the Baleine Phase Three project offshore Côte d'Ivoire. This development underscores the accelerating pace of upstream investment in West Africa, poised to enhance regional energy security.
The formalization of the FPSO contract follows the Final Investment Decision (FID) approved by Eni and its partners in May 2026, signaling robust commitment to expanding hydrocarbon production in a key African frontier. This project is critical for Côte d'Ivoire's domestic gas supply and global oil markets, demonstrating continued confidence in large-scale offshore developments despite energy transition pressures.
Executive Summary
Altera Infrastructure has secured a comprehensive agreement with Eni for the engineering, procurement, construction, installation, and commissioning (EPCIC) of a new FPSO for the Baleine Phase Three project. This deal also includes a 15-year bareboat charter, solidifying long-term operational commitment. The FPSO, to be built in China by Wison New Energies, will significantly boost the Baleine field's production capacity to approximately 150,000 barrels of oil per day (bopd) and 200 million cubic feet per day (mcf/d) of gas.
What Happened
Altera Infrastructure and Eni recently finalized principal agreements for the FPSO, following the Final Investment Decision for Baleine Phase Three, which was approved by Eni and its consortium partners Petroni and Vitol in May 2026. The agreements cover the full EPCIC scope for the FPSO and a subsequent 15-year bareboat charter.
Key Developments
- Major FPSO Contract Awarded: Altera Infrastructure will supply a new FPSO for Eni's Baleine Phase Three, encompassing EPCIC and a 15-year bareboat charter.
- Production Boost Expected: The new FPSO will enable the Baleine field to reach a total output of approximately 150,000 bopd and 200 mcf/d of gas.
- Domestic Gas Priority: All gas produced from the Baleine Phase Three project will be dedicated to Côte d'Ivoire's domestic market to meet national energy demand.
Regional Context
The Baleine field, located approximately 70km offshore Côte d'Ivoire, is a cornerstone of the nation's energy strategy, with all gas production earmarked for domestic consumption. This project reinforces West Africa's growing importance in global upstream developments and its commitment to enhancing local energy security.
Market Impact
This FID and subsequent FPSO contract signal continued investment in conventional oil and gas, providing long-term supply certainty for traders and refiners. The significant increase in Côte d'Ivoire's domestic gas supply could reduce LNG import reliance, impacting regional gas market dynamics. Analysts will closely watch project execution timelines and potential ripple effects on other West African upstream ventures.
Outlook
With the FPSO construction underway in China and long-term financing secured, the Baleine Phase Three project is set to significantly transform Côte d'Ivoire's energy landscape. Future developments will focus on successful project delivery and the potential for further expansion within the promising Baleine field.
