SOCAR acquires 10% stake in Côte d'Ivoire's Baleine project

Eni has finalized the sale of a 10% stake in the Baleine offshore project in Côte d'Ivoire to the Azerbaijani energy company SOCAR. This transaction marks SOCAR’s first entry into the African upstream oil and gas sector.

Following the completion of the sale, the ownership structure of the Baleine project is distributed among Eni (37.25%), Vitol (30%), Petroci (22.75%), and SOCAR (10%). The deal aligns with Eni’s strategy to optimize its upstream portfolio by divesting equity stakes in successful discoveries.

The Baleine field, discovered in 2021, is a major offshore development that began production in 2023. Currently, the first two phases produce over 57,000 barrels of oil and 78 million cubic feet of gas per day. A planned third phase aims to increase production to 150,000 barrels of oil and 200 million cubic feet of gas per day.