The sale of a 10% stake in Côte d’Ivoire’s Baleine offshore project to Azerbaijan’s SOCAR is part of Eni’s strategy of optimizing its upstream portfolio.
“The transaction aligns with Eni's strategy of optimising its upstream portfolio by accelerating the monetization of exploration discoveries through the divestment of equity stakes, a model known as the "dual exploration model",” said the company.
The Baleine project is the country’s main offshore development and is now owned by Eni (37.25%), Vitol (30%), Socar (10%) and Petroci (22.75%).
Eni has been present in Côte d’Ivoire since 2015. Baleine is its first development in the country and the first net-zero development in Africa.
The Baleine field was discovered in 2021, two decades after the country’s last commercial discovery, and reached production in 2023.
The project currently produces more than 57,000 barrels of oil and over 78 million cubic feet of gas per day from its first two phases. With the launch of Phase 3, production is expected to increase to 150,000 barrels of oil and 200 million cubic feet of gas per day.
Eni said the Calao and Calao South discoveries, in which it holds a 90% stake and serves as operator, further confirm the high potential of the basin and consolidate its presence in Côte d’Ivoire.
SOCAR is an integrated energy company headquartered in Azerbaijan, with operations spanning oil and gas exploration and production, refining, petrochemicals, transportation, trading and distribution.
SOCAR previously said that the acquisition of the stake marks the company’s entry into Africa’s oil and gas production sector and is in line with its long-term strategy of expanding its global presence in hydrocarbon exploration and production.
