10:34 AM EDT, 07/31/2025 (MT Newswires) -- Eni (E) and Ivory Coast have signed a contract for a new offshore oil exploration block, CI-707, Bloomberg News reported Thursday, citing minutes from a cabinet meeting.

The agreement covers an initial three-year period and includes a minimum investment of $20 million, the report added.

Eni has already made major offshore oil and gas discoveries in Ivory Coast at the Baleine and Calao fields. In December, the company began the second phase of development at Baleine, aiming to boost production to 60,000 barrels per day, with a third phase planned to more than double output to 150,000 barrels a day, according to the report.

Eni didn't immediately reply to MT Newswires' request for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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