A $260 million deal takes Santorini to Ivory Coast... a new step that boosts the oil boom in West Africa

Written by Amna Hassan

Ivory Coast continues to consolidate its position as one of the leading energy production centers in West Africa.  AfricaThis comes after the Italian company Saipem secured a $260 million offshore drilling contract from Eni to carry out an ultra-deepwater drilling campaign, a move that reflects the accelerating pace of international investment in the country's oil and gas sector.

A giant drilling ship will begin its mission in 2027.

Under the agreement, the advanced drilling vessel «Santorini» will carry out development drilling operations off the coast of Ivory Coast, with the campaign scheduled to begin in early 2027. The vessel is a seventh-generation drilling ship, with a loading capacity of 20,000 metric tons, making it one of the most advanced marine units in the world.

Saipem confirmed that the contract was concluded in accordance with prevailing market commercial terms, despite being considered a related-party transaction due to the two companies' affiliation with the Eni Group, noting its compliance with all Italian regulatory requirements.

Technical capabilities support drilling at standard depths

The Santorini is capable of operating in water depths of up to 3,658 meters and can drill wells to depths of up to 12,192 meters below the seabed. The vessel can accommodate 215 personnel and features advanced automation systems and dual-activity drilling technologies, enhancing efficiency and safety in complex offshore operations.

The contract includes a long-term drilling program with options to extend the operating period or transfer the vessel to other projects in neighboring countries, giving Saipem additional opportunities to strengthen its presence in the African energy sector.

Billion-dollar investments boost Balin project

Although Eni has not announced which field the vessel will operate in, the timing of the deal comes months after the final investment approval for the third phase of the Balen offshore project, valued at approximately $4 billion.

The project is expected to increase oil production from 60,000 barrels per day to 150,000 barrels per day, along with increasing natural gas production from 80 million cubic feet per day to 200 million cubic feet per day, with the construction of a new floating production, storage and offloading vessel expected to be operational by 2028.

Ivory Coast is cementing its place on the African energy map

This deal reflects the continued momentum in Ivory Coast’s energy sector, driven by successive oil discoveries and massive investments led by global companies.

As offshore fields continue to be developed, the country is moving towards boosting its oil and gas production and consolidating its position as one of the fastest growing energy markets in Africa, which will support its economy and attract more foreign investment in the coming years.