Eni has announced the completion of the sale of a 30% stake in the Baleine project in Côte d’Ivoire to Vitol.
With the transaction completed, the country’s offshore development project is now owned by Eni with 47.25%, Vitol with 30%, and Petroci with 22.75%.
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This move reflects Eni’s strategy of reshaping its upstream portfolio through the divestment of equity stakes, known as a ‘dual exploration’ model.
This model has already been deployed in large-scale projects such as Egypt’s Zohr field and Mozambique’s Area 4, generating substantial proceeds since 2013 and supporting rapid project execution, reported Egypt Oil and Gas.
The deal also deepens ties between Eni and Vitol as they already collaborate on projects in Ghana, including OCTP and Block 4.
Eni, active in Côte d’Ivoire since 2015, is progressing its first development in the country with Baleine, which also stands as Africa’s first net-zero project.
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By GlobalDataThe field, discovered in 2021, nearly two decades after the country’s last commercial discovery, reached production in 2023.
Current output from the Baleine project’s first and second phases is more than 62,000 barrels of oil per day and 75 million cubic feet of gas.
With the third phase underway, output is set to reach 150,000 barrels of oil and 200 million cubic feet of gas per day, marking Baleine as a key for Côte d’Ivoire’s energy supply, stated Eni.
Vitol, a global energy and commodities company, has maintained an upstream presence in the West African region for numerous years.
Last month, Eni entered into an agreement to sell a 49.99% stake in Eni CCUS Holding to Global Infrastructure Partners.
