Eni Transfers 10% Ownership of Ivory Coast's Baleine Project to SOCAR

Eni Sells 10% Stake in Côte d’Ivoire’s Baleine Project to SOCAR

Eni, the Italian energy company, has finalized a binding agreement to transfer a 10% share of the Baleine offshore oil and gas development in Côte d’Ivoire to SOCAR, Azerbaijan’s national oil company. Following this transaction, Eni’s ownership in the project drops to 37.25%, though it continues as the project’s operator. Vitol maintains a 30% stake, while Côte d’Ivoire’s state-run Petroci holds 22.75%.

This agreement supports Eni’s “dual exploration model,” a strategy that accelerates returns from major discoveries by selling minority interests but keeping operational control. This model is central to Eni’s upstream business, enabling the company to redeploy capital, manage risks, and invest in new projects.

The Baleine field stands out as a significant milestone for both Eni and Côte d’Ivoire. Discovered in 2021—marking the country’s first major offshore find in 20 years—the field advanced from discovery to initial production in just two years, an exceptionally fast pace for a deepwater project in Africa. Production commenced in 2023, establishing Baleine as Eni’s inaugural operated development in Côte d’Ivoire.

Baleine is also recognized as Africa’s first upstream project designed to achieve net-zero emissions, featuring initiatives such as gas utilization, minimized flaring, and offsetting measures. Currently, the field delivers over 62,000 barrels of oil and more than 75 million cubic feet of gas daily from its initial two phases. With a third phase on the horizon, output is projected to surge to approximately 150,000 barrels of oil and 200 million cubic feet of gas per day, significantly enhancing Côte d’Ivoire’s domestic energy supply and supporting its electricity sector.

For SOCAR, this purchase represents a further step in expanding its international presence beyond Azerbaijan and the Caspian Sea. The deal also strengthens the partnership between Eni and SOCAR. In 2024, the two companies signed three memoranda of understanding, covering areas such as energy security, upstream exploration and production, emissions reduction, and collaboration in the biofuels sector.

This transaction highlights the increasing global interest in West Africa’s offshore energy resources, particularly large-scale, gas-rich projects that can serve both export and local markets. It also demonstrates the ongoing appeal of partial asset sales as a financial strategy for major energy companies, especially as investment decisions become more selective in the context of the energy transition.

Next Steps

The completion of this sale is still subject to regulatory approval and standard closing conditions.

By Charles Kennedy for Oilprice.com

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