Eni sells 10% stake in Côte d’Ivoire’s Baleine oilfield to SOCAR
Italian energy company Eni has sold a 10% interest in the offshore Baleine oil project in Côte d'Ivoire to Azerbaijan's State Oil Company of Azerbaijan Republic (SOCAR). The transaction adjusts ownership stakes, with Eni retaining 37.25%, Vitol holding 30%, SOCAR now owning 10%, and Petroci at 22.75%. This move aligns with Eni’s strategy to optimize its upstream portfolio through the 'dual exploration model,' which involves monetizing discoveries by divesting equity stakes. The Baleine field, discovered in 2021, is Côte d'Ivoire's first major oil find in two decades. Production began in 2023 and currently delivers over 57,000 barrels of oil per day (bopd) and 78 million cubic feet per day (mcf/d) of gas from phases one and two. With phase three planned, output could reach up to 150,000 bopd and 200 mcf/d. The project is Africa's first net-zero oil development and contributes around 8% of the country’s daily oil production. Eni has been active in Côte d'Ivoire since 2015 and also operates other discoveries such as Calao, which are among the region's largest finds after Baleine. The field is expected to reach peak output by 2030 and continue producing until 2059.
