BAKU, Azerbaijan, September 18. 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.
