Eni has entered into a definitive agreement to sell a 10% stake in the producing offshore Baleine Project in Côte d’Ivoire to the State Oil Company of the Republic of Azerbaijan (SOCAR).
The financial terms of the deal were not disclosed by the Italian energy company.
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The Baleine Project is currently operated by Eni, holding a 47.25% interest, alongside partners Vitol (30%) and Petroci (22.75%).
The transaction forms part of Eni’s strategy to optimise its upstream portfolio by divesting exploration discoveries, following its “dual exploration model”. It marks SOCAR’s entry into the offshore field.
Last September, Vitol joined the project by acquiring a stake in the Baleine oil and gas field.
According to Eni, the agreement with SOCAR further consolidates their collaboration.
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By GlobalDataThe two companies signed three memorandums of understanding (MoU) in 2024 focused on enhancing energy security. These MoUs target joint ventures in hydrocarbon exploration and production, greenhouse gas emissions reduction and biofuel production.
The completion of the latest deal remains subject to regulatory approvals and customary conditions.
Eni has been operating in Côte d’Ivoire since 2015, with Baleine marking its first development venture in the nation.
Presently, the field yields more than 62,000 barrels (bbl) of oil and exceeds 75 million cubic feet per day (mcf/d) of gas from its initial phases. Phase three is projected to boost output to 150,000bbl of oil and 200mcf/d of gas, significantly contributing to Côte d’Ivoire’s energy requirements.
Discovered in September 2021, Baleine was brought into production in August 2023 with an upgraded floating production, storage and offloading unit managing up to 15,000bbl of oil and around 25mcf/d of gas. It also became the first net-zero emissions project in Africa.
Phase two of the project was executed to raise production to 50,000bbl of oil and approximately 70mcf/d of gas.
