SOCAR acquires 10% stake in Eni’s Baleine oil and gas project offshore Côte d’Ivoire

SOCAR has signed an agreement with Italy’s Eni S.p.A. to acquire a 10 per cent participating interest in the Baleine oil and gas field development project located offshore Côte d’Ivoire.

Azernews reports that the agreement was signed on the sidelines of the World Economic Forum Annual Meeting 2026 by SOCAR President Rovshan Najaf and Eni Chief Executive Officer Claudio Descalzi.

The deal is expected to provide SOCAR with access to Africa’s vast oil and gas resources and is fully aligned with the company’s global expansion strategy. It also forms part of the broader strategic cooperation established between SOCAR and Eni across various segments of the energy industry.

Completion of the transaction remains subject to approvals from relevant regulatory authorities, as well as the fulfillment of other customary terms and conditions.

The Baleine field is regarded as one of the largest oil and gas discoveries in West Africa in recent years. The giant offshore field was discovered in 2021, with production commencing in 2023.

Currently, under the first and second phases of development, the Baleine field produces more than 62,000 barrels of oil per day and over 2.1 million cubic meters of natural gas daily. Following the launch of the third development phase, daily production is expected to increase to 150,000 barrels of oil and approximately 5.7 million cubic meters of gas.

Notably, Baleine is Africa’s first offshore oil and gas project designed to operate with net-zero emissions, marking a significant milestone for sustainable energy development on the continent.