BAKU, Azerbaijan, September 16. Azerbaijan’s
state oil company SOCAR has completed the acquisition of a 10%
interest in the Baleine oil and gas field development project in
Côte d’Ivoire, Trend reports.
According to SOCAR, the company acquired the stake from Italy’s
Eni S.p.A. The transaction was completed after all required
approvals were obtained and the necessary conditions were
fulfilled.
"Following the transaction, the ownership structure of the
Baleine project is as follows: Eni — 37.25%, Vitol — 30%, Petroci —
22.75%, and SOCAR — 10%. The acquisition marks the company’s entry
into Africa’s upstream oil and gas sector and is in line with its
long-term strategy to expand its global upstream portfolio," said
the company.
The Baleine field is considered one of the largest oil and gas
discoveries made in West Africa in recent years. The offshore field
was discovered in 2021, with production starting in 2023.
The first and second development phases of Baleine currently
produce more than 62,000 barrels of oil and over 75 million cubic
feet of gas (around 2.1 million cubic meters) per day. Following
the launch of the third development phase, production is expected
to increase to 150,000 barrels of oil and 200 million cubic feet of
gas (around 5.7 million cubic meters) per day.
Baleine is Africa’s first offshore oil and gas project with
net-zero emissions.
