Eni Gains Strategic Gambian, Guinea Footprint Ahead of MSGBC Oil, Gas & Power 2026
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Italian energy major Eni has cemented its position at the center of the MSGBC frontier market following two agreements signed for acreage in both The Gambia and Guinea-Conakry this month. This swift upstream expansion coincides directly with the upcoming MSGBC Oil, Gas & Power 2026 conference and exhibition, set to place in Dakar later this year. The annual regional summit gathers state ministries, national oil companies and global investors, and Eni’s dual entry into The Gambia and Guinea-Conakry will likely dominate several of the event’s strategic discussions.
The company secured a landmark petroleum exploration, development and production license agreement for offshore Block A1 in The Gambia. The definitive deal marks a major expansion for the Italian supermajor along Africa’s Atlantic margin and underscores Eni’s broader frontier expansion strategy. It also positions the company as a dominant player in an emerging hydrocarbon province, providing Eni with immediate access to highly prospective deepwater blocks.
Block A1 spans roughly 1,300 km2 in ultra-deepwaters ranging from 1,250m to 3,000m and is located in a proven section of the Atlantic margin. Under the pre-negotiated terms, the state-backed Gambia National Petroleum Corporation will maintain a 10% carried interest, shielding the government from upfront exploration capital while ensuring state participation. Eni will hold the remaining operating equity and direct all technical programs. The block carries significant historical context, having been vacated by British major bp in 2021. Now, Eni has stepped in to fulfill the abandoned evaluation work using existing 3D seismic data.
Further south, Eni signed a separate reconnaissance permit agreement with Guinea-Conakry’s Ministry of Water and Hydrocarbons. This contract covers 15 extensive offshore blocks – A4, A5, B4, B5, C3, C4, C5, D2, D3, D4, E2, E3, E4, F2 and F3. The massive concession encompasses 49,089 km2 of undrilled frontier territory. The early-stage data-gathering deal is valid for one year with a second-year extension option.
The twin deals expand Eni’s footprint within the prolific MSGBC basin, where the passive margin features world-class mid-Cretaceous sandstones and deepwater source rocks. These identical geological traps enabled Woodside’s Sangomar oil field and bp’s Greater Tortue Ahmeyim gas project offshore Senegal and Mauritania. Eni’s expansion into the market comes on the back of several successful offshore milestones reached in recent years. These include the delivery of Ivory Coast’s Baleine field, which achieved first oil just two years after discovery and is scaling to 150,000 barrels per day.
The timing of these deals sets the stage for MSGBC Oil, Gas & Power 2026, where delegates will be positioned to analyze how Eni’s fast-track model could reshape regional energy economics. Successful discovery would drastically alter Guinea-Conakry’s mining energy grid and The Gambia’s fiscal outlook while solidifying the MSGBC basin’s status as a premier global exploration frontier.
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