BAKU, Azerbaijan, January 22. Azerbaijan's
state oil company SOCAR has signed an agreement with Italian Eni
S.p.A. to acquire a 10% participating interest in the development
project of the Baleine oil and gas field located offshore Côte
d’Ivoire, Trend reports via SOCAR.
The Agreement was signed between SOCAR President Rovshan Najaf
and Eni S.p.A. CEO Claudio Descalzi on the sidelines of the World
Economic Forum Annual Meeting 2026.
"This transaction represents SOCAR’s entry to Africa’s vast oil
and gas resources and aligns strategically with SOCAR’s global
expansion vision. The transaction also forms part of a broader
strategic collaboration between SOCAR and Eni S.p.A across various
segments of the energy industry. The implementation of this
agreement and the closing of the transaction are subject to
obtaining the necessary approvals from relevant regulatory
authorities, as well as the fulfillment of other customary terms
and conditions," said SOCAR.
Baleine is considered one of the largest oil and gas discoveries
made in West Africa in recent years. The giant offshore oil and gas
field was discovered in 2021, with production commencing in
2023.
Baleine field currently produces over 62,000 barrels of oil and
more than 75 million cubic feet (approximately 2.1 million cubic
meters) of gas per day from Phases 1 and 2 of its development. With
the launch of Phase 3, production is expected to rise to 150,000
barrels of oil and 200 million cubic feet (approximately 5.7
million cubic meters) of gas per day.
Baleine is Africa’s first net-zero emissions offshore oil and
gas project.
