Italian energy major Eni has announced two significant hydrocarbon discoveries in Ivory Coast and Angola, underscoring a strategic shift toward rapid-cycle developments as African producers move to stabilize national revenues and accelerate gas-to-power industrialization. The company confirmed on February 16, 2026, the Calao South discovery in Ivory Coast’s Block CI-501, estimated to hold 5 trillion cubic feet of natural gas and 450 million barrels of condensate. Simultaneously, Eni’s Angolan joint venture, Azule Energy, reported a 500 million-barrel oil find at the Algaita-01 well in Block 15/06. These milestones reflect an emerging dual-track investment model in the region: high-impact frontier exploration in West Africa paired with infrastructure-led, near-field reserve growth in Southern Africa’s more mature basins.
For Ivory Coast, the Calao South discovery represents a critical expansion of the country’s energy landscape, positioning it as the second-largest find after the flagship Baleine field. Drilled to a depth of 5,000 meters in 2,200 meters of water, the Murene South-1X well encountered high-quality Cenomanian reservoirs, which are now being assessed for full-scale production. According to Ivorian authorities, the project is expected to act as a catalyst for domestic energy independence, providing the feedstock necessary to expand the country’s gas-fired electricity capacity, which already supports regional power exports within the West African Power Pool.
The Angolan discovery at Algaita-01 carries distinct fiscal implications for a nation struggling to curb a long-term decline in crude output. By locating the find just 18 kilometers from the existing Olombendo floating production storage and offloading (FPSO) vessel, Azule Energy, a 50:50 venture between Eni and BP, aims to leverage “tie-back” infrastructure to lower the breakeven cost of the new reserves. This strategy is essential for Angola to maintain production near its targeted 1.1 million barrels per day, a threshold critical for meeting debt service obligations and funding the country’s 2023–2027 National Development Plan. According to the National Oil, Gas and Biofuels Agency (ANPG), such near-field successes are prioritized under current incentive mechanisms to ensure swift monetization and immediate impacts on state revenues.
These developments occur against a backdrop of tightening global capital for fossil fuel projects, forcing African regulators to enhance fiscal competitiveness. Eni’s planned €24 billion investment across North and Sub-Saharan Africa over the next four years signals a concentration of capital in jurisdictions that offer both geological potential and transparent regulatory frameworks. In Ivory Coast, the state-owned Petroci Holding retains a 10% stake in Block CI-501, while in Angola, Sonangol E&P and SSI Fifteen hold significant interests in Block 15/06. These partnership structures are increasingly viewed as a prerequisite for long-term operational stability, ensuring that exploration successes contribute directly to local content development and institutional capacity.
The broader implication for the continent lies in the transition toward gas as a transitional fuel for industrial growth. While oil remains the primary driver of foreign exchange for established producers, the scale of gas reserves at Calao South highlights a pivot toward domestic value addition. By integrating these upstream successes with midstream infrastructure, such as the Congo LNG project and Mozambique’s resumed liquefaction ventures, the region is attempting to balance global decarbonization pressures with the immediate economic necessity of affordable power. As appraisal and testing progress through late 2026, the speed at which these discoveries reach “first oil and gas” will serve as a bellwether for Africa’s ability to attract and retain large-scale energy investment in a competitive global market.
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