Eni says SOCAR Baleine stake deal aligns with upstream portfolio strategy

Eni's sale of a 10% stake in the Baleine project in Côte d'Ivoire to the State Oil Company of Azerbaijan (SOCAR) aligns with the Italian company's strategy to optimize its upstream portfolio.

In a statement, Eni indicated that it aims to accelerate the monetization of exploration results by selling participating interests in its projects.

"Once the deal is finalized, the participating interests in the Baleine project will be distributed as follows: Eni – 37.25%, Vitol – 30%, SOCAR – 10%, and Petroci – 22.75%," the company stated.

Eni has been operating in Côte d'Ivoire since 2015. Baleine is the company's first field development project in the country, as well as its first net-zero emissions project in Africa.

The Baleine field was discovered in 2021, two decades after the last commercial discovery in Côte d'Ivoire. Production at the field began in 2023.

Currently, under the first and second phases of the project, production exceeds 57,000 barrels of oil and 78 million cubic feet of gas per day. Following the launch of the third phase, production is expected to reach 150,000 barrels of oil and 200 million cubic feet of gas per day.

“In addition to Baleine, the basin's high potential is confirmed by the discovery of the ‘Calao’ and ‘Calao South’ fields, where Eni holds a 90 percent stake and acts as the operator. These represent the largest discoveries in the country since Baleine and strengthen Eni’s presence in Côte d’Ivoire,” Eni stated.

It should be noted that SOCAR previously announced that acquiring a stake in the project marked the company's entry into the African oil and gas production sector and aligned with its long-term strategy to expand its global presence in hydrocarbon exploration and production.