Energy company Eni has reported two hydrocarbon discoveries in Ivory Coast and Angola in February 2026, with the African Energy Chamber (AEC) saying the finds could reinforce production stability in Angola and accelerate gas-to-power ambitions in Ivory Coast. The details were published in a press release dated February 17, 2026, distributed by APO Group on behalf of the AEC.

In Ivory Coast, Eni said it successfully drilled the Murene South-1X well in Block CI-501, confirming what it described as the Calao South discovery within the Calao channel complex. In Angola, Eni’s joint venture Azule Energy announced the Algaita-01 well in Block 15/06 in the Lower Congo Basin, one of the country’s long-producing oil regions, according to the statement.

The announcement adds to a trend of renewed exploration and appraisal activity across Africa as operators balance near-term cashflow needs with longer-term reserve replacement. For Kenya’s business landscape, the developments matter as regional upstream activity can influence investment flows, service-sector demand and future competition for capital across East Africa’s still-developing petroleum potential. Kenya has previously pursued upstream investment and is also expanding gas and power infrastructure planning, making West and Southern Africa benchmarks relevant for policymakers and investors tracking Africa’s energy transition pathways.

The AEC said the Ivory Coast discovery is the first exploration well in Block CI-501 and carries estimated volumes of 5 trillion cubic feet of gas and 450 million barrels of condensate. The chamber said the Murene South-1X well was drilled in about 5,000 metres of water and encountered Cenomanian sands, with a drill stem test planned to assess production capacity.

In Angola, the AEC said the Algaita-01 well was drilled in 667 metres of water by the Saipem 12000 drillship and encountered oil-bearing sandstones across multiple Upper Miocene intervals. Initial resource estimates were put at 500 million barrels of oil, the statement said, adding that proximity to existing infrastructure — including the Olombendo FPSO — could improve development economics and speed up timelines.

“Eni’s recent discoveries in Ivory Coast and Angola send a powerful signal to the global market that Africa remains open, prospective and competitive,” said NJ Ayuk, Executive Chairman of the African Energy Chamber, in the release. “Oil and gas are not relics of the past for our continent - they are the foundation of industrialization, power generation and economic sovereignty.”

The AEC also linked the Ivory Coast discovery to Eni’s Baleine Field development, saying Baleine is producing “over 62,000 barrels of oil and more than 75 million cubic feet of gas per day” from Phases 1 and 2, with Phase 3 targeting “150,000 barrels of oil and 200 million cubic feet of gas per day.” The chamber said this illustrates a model where exploration success is converted into near-term production.

Beyond the two discoveries, the AEC said Eni plans to invest up to €24 billion (about KES 3.4 trillion) across Algeria, Libya and Egypt over the next four years. The statement also said Eni secured Libya’s offshore exploration License O1 in the country’s 2025 open licensing round and referenced an LNG strategy tied to Congo LNG Phase 2, which it said commenced in December 2025, and Coral North, which it said launched in October 2025.

For the wider East African market, the reported scale of discoveries in Ivory Coast and Angola may reinforce investor preference for proven basins with established infrastructure, potentially raising the bar for frontier exploration plays. However, it could also stimulate demand for African oilfield services, subsea engineering and LNG-linked supply chains, areas where Kenyan firms and logistics providers increasingly seek regional opportunities.

The AEC said Eni is progressing appraisal, testing and development planning for the new finds. Next milestones will likely include drill stem test results in Ivory Coast and further appraisal and concept selection work in Angola, alongside capital allocation decisions within Eni’s broader African portfolio.