Altera Infrastructure Advances Baleine Phase 3 Through Continued Partnership with Eni

Altera Infrastructure has reached a major milestone in its strategic partnership with Eni through the execution of the principal agreements for the supply of a newbuild floating production storage and offloading (FPSO) vessel to the Baleine Phase 3 development offshore Côte d’Ivoire. 

The agreements cover the engineering, procurement, construction, installation and commissioning (EPCIC) of a new FPSO vessel, together with a fixed 15-year bareboat charter that will support long-term production from the Baleine field. 

Baleine Phase 3 represents the next stage in the phased development of the Baleine field, located approximately 70 kilometres offshore Côte d’Ivoire in water depths ranging from 700 to 1,300 meters. 

The new FPSO, to be constructed in China by Wison New Energies, will be capable of producing 90,000 barrels of oil per day, process 160 million cubic feet of gas per day, and store up to 1.4 million barrels of crude oil. Together with the existing Baleine developments, Phase 3 will increase total field production to approximately 150,000 barrels of oil per day and 200 million cubic feet of gas per day, making Baleine one of the largest offshore energy developments in West Africa. All gas produced will be allocated to the domestic market, contributing to Côte d’Ivoire’s energy needs, expanding electricity generation and supporting the country’s industrial development. 

The project builds on Altera’s successful delivery of Baleine Phase 2, where the company redeployed and now operates the FPSO Petrojarl Kong and FSO Yamoussoukro. Phase 3 further strengthens Altera’s long-term strategic partnership with Eni while significantly expanding the company’s presence in Côte d’Ivoire.  

Upon completion of construction, Altera will own the FPSO and provide long-term operations under the 15-year charter and associated operating agreements. In parallel with the execution of the project agreements, Altera has successfully completed the largest and most complex financing in the company’s history, securing long-term committed funding from leading international institutional investors. The financing provides certainty from the commencement of construction through the full 15-year charter period and represents a significant endorsement of the project’s long-term credit quality. The project reinforces Altera Infrastructure’s strategy of combining innovative commercial solutions with world-class offshore operating capability to support major energy developments around the world. 

Chris Brett, President, Altera Production: 

“Baleine Phase 3 is an important milestone for Altera and demonstrates our ability to combine compelling commercial solutions for our customers, world-class offshore operations and access to international capital to support major energy developments offshore Africa.  We are proud to deepen our expanding strategic partnership with Eni and our commitment to Côte d’Ivoire, while delivering a solution that has attracted strong support from leading global investors. This establishes an important platform for future growth and collaboration while further strengthening Altera’s position as a leading provider of offshore production and infrastructure solutions.” 

The project extends Altera Infrastructure’s operational presence in Côte d’Ivoire into the mid-2040s and further strengthens our significant cashflow backlog.