Eni completes sale of 10% of Baleine project offshore Cote d'Ivoire to SOCAR

BAKU. Sept 16 (Interfax) - Italy's Eni S.p.A. has completed the sale of a 10% stake in the Baleine project in Cote d'Ivoire to State Oil Company of the Azerbaijani Republic (SOCAR), Eni said in a press release.

"The transaction aligns with Eni's strategy of optimizing its upstream portfolio by accelerating the monetization of exploration discoveries through the divestment of equity stakes, known as the dual exploration model," Eni said.

Following completion, Eni holds 37.25%, Vitol 30%, Petroci 22.75% and SOCAR 10% of the Baleine project.

SOCAR signed an agreement with Eni on January 22 this year to acquire a 10% interest in the Baleine project. This aligns with the broader collaboration between Eni and SOCAR, Eni said at the time.

Eni has been present in Cote d'Ivoire since 2015. Baleine is Eni's first development in the country, and the first net-zero development in Africa. Baleine is considered one of the largest oil and gas discoveries made in West Africa in recent years. The giant offshore oil and gas field was discovered in 2021, and went commercially on stream in 2023.

Currently, Baleine produces over 57,000 barrels of oil and more than 78 million cubic feet of gas per day from Phases 1 and 2. With the launch of Phase 3, production is expected to rise to 150,000 barrels of oil and 200 million cubic feet of gas per day, positioning Baleine as a cornerstone in meeting the country's domestic energy needs.

Alongside Baleine, the Calao and Calao South discoveries (Eni 90% and operator), the second largest after Baleine, confirm the high potential of the basin and further consolidates Eni's presence in the country.