Eni sanctions three upstream projects and advances Perla floating LNG export plan
Eni reported that Baleine Phase 3 in Côte d’Ivoire, Geng North in Indonesia and Cronos in Cyprus have been sanctioned as part of a portfolio of 54 organic growth projects. The company also said it is preparing a Perla field development plan that could support floating LNG exports from Venezuela, while its Searah combination in Asia began contributing more than 300,000 boe/d. In Argentina, Eni is working with YPF and XRG on an incorporated venture spanning upstream production, midstream infrastructure and LNG exports.
Confirmed developments: Eni said it has sanctioned Baleine Phase 3, Geng North and Cronos and identified 54 organic growth projects supporting its production outlook through and beyond 2030. Current production growth includes contributions from the Agogo, Amoca and Congo LNG Phase 2 projects. Eni also disclosed that it is preparing a development plan for additional Perla gas production and expects a later floating LNG export phase. In Argentina, Eni described a partnership with YPF and XRG intended to manage the gas value chain through LNG export. The Searah business combination was completed in June and initially produced more than 300,000 boe/d.
Market interpretation: The sanctioned projects and larger post-2030 portfolio point to sustained demand for offshore engineering, drilling, subsea infrastructure, floating production and LNG-related services. Perla represents a potentially significant future FLNG opportunity, but it remains pre-development: Eni said the development plan filing was imminent, without identifying a unit, contractor, capacity, final investment decision or start-up schedule. The company expects project-cost inflation of approximately 4%–6% following Middle East disruption, although it said most contracts for the discussed projects were secured before the crisis. All extracted relationships are source-supported suggestions pending analyst review, not database-verified records.