By Christie U. Omonigho
Energy Window International (Media) – Eni said it has signed a binding agreement with SOCAR, the State Oil Company of the Republic of Azerbaijan, for the sale of a 10% stake in the Baleine Project – the Ivorian main offshore development operated by Eni (47.25%), and participated by Vitol (30%) and Petroci (22.75%).
The transaction according to Eni in an email statement to Energy Window International (Media) aligns with its strategy of optimising its upstream portfolio by accelerating the monetization of exploration discoveries through the divestment of equity stakes, a model known as the “dual exploration model.”
It added that the agreement was consistent with the broader collaboration between it and SOCAR. Recalling that in 2024, the companies signed three Memoranda of Understanding (MoUs) focused on energy security- aiming to expand cooperation on hydrocarbon exploration and production- as well as greenhouse gas emissions reduction and the biofuel production chain.
The Italian Eni says it has been present in Cote d’Ivoire since 2015, with Baleine its first development in the country, and the first net-zero emission development in Africa. The giant Baleine field was discovered in 2021, two decades after the last commercial discovery in the country and also achieved production in record time, in 2023 according to Eni. The Italian company said that currently, Baleine is produces over 62,000 barrels of oil and more than 75 million cubic feet of gas per day from Phases 1 and 2. “With the launch of Phase 3, production is expected to rise to 150,000 barrels of oil and 200 million cubic feet of gas per day, positioning Baleine as a cornerstone in meeting the country’s domestic energy needs.”
Eni however says the closing of transaction is inevitably tied to appropriate regulatory approvals and other customary terms and conditions.