BAKU, Azerbaijan, September 26. The
State Oil Company of Azerbaijan (SOCAR) and Italian company Eni
S.p.A. have exchanged a Protocol on the completion of the
transaction under which SOCAR acquired a 10% stake in the Baleine
oil and gas field development project in Côte d’Ivoire, SOCAR
reported on Saturday.
According to the document, following the completion
of the transaction, the project partners' stakes are distributed as
follows: Eni — 37.25%, Vitol — 30%, Côte d’Ivoire’s national oil
and gas company Petroci — 22.75%, and SOCAR — 10%.
"The acquisition of the stake will provide SOCAR with
access to Africa's upstream sector and will become part of the
company's long-term strategy to expand its global exploration and
production activities," the company said.
Earlier, Eni said that the sale of its stake in the
Baleine project is in line with the Italian company's strategy to
optimize its upstream portfolio.
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, and production started in
2023.
Currently, during the first and second phases of
development, the Baleine field produces more than 62,000 barrels of
oil and over 75 million cubic feet of gas (approximately 2.1
million cubic meters) per day. With the launch of the third 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.
The Baleine field is Africa’s first offshore oil and
gas project with zero emissions.
