Eni's sale of a 10% stake in the Baleine project in Côte d'Ivoire to the State Oil Company of Azerbaijan (SOCAR) aligns with the Italian company's strategy to optimize its upstream portfolio.
According to Eni, the company aims to accelerate the monetization of exploration results by selling participating interests in projects.
"Following the completion of the transaction, the participating interests in the Baleine project will be distributed as follows: Eni - 37.25%, Vitol - 30%, SOCAR - 10%, Petroci - 22.75%," the company stated.
Eni has been present in Côte d'Ivoire since 2015. Baleine is the company's first development project in the country and the first net-zero emissions project in Africa.
The Baleine field was discovered in 2021, two decades after the last commercial discovery in Côte d'Ivoire. Production began in 2023.
Currently, during the first and second phases of the project, more than 57,000 barrels of oil and over 78 million cubic feet of gas per day are being produced. After the launch of the third phase, production is expected to increase to 150,000 barrels of oil and 200 million cubic feet of gas per day.
"In addition to Baleine, the high potential of the basin is confirmed by the Calao and Calao South discoveries, where Eni holds a 90% interest and acts as operator. They are the largest discoveries in the country after Baleine and strengthen Eni's presence in Côte d'Ivoire," Eni said.
Earlier, SOCAR stated that the acquisition of a stake in the project marks the company's entry into the oil and gas production sector in Africa and aligns with its long-term strategy to expand its global presence in hydrocarbon exploration and production.
