Vitol has entered into an agreement with Eni to acquire interests worth approximately US$1.65bn comprising Eni's significant oil and gas assets in Ivory Coast and the Republic of Congo
This is a diverse portfolio including not only producing assets but also blocks that are currently under exploration, appraisal and development. One of the most valuable assets that Vitol will be investing in is the Baleine project in Ivory Coast, with a 30% participating interest after Eni's 77.25% ownership interest.
It will be acquiring a 25% participating interest in the mega gas initiative in the Republic of Congo known as the Congo LNG project. Eni has a 65% participating interest in the project.
These agreements further solidify Eni and Vitol's already established partnership in the OCTP and Block 4 projects in Ghana.
While this transaction adds to Vitol's long-running upstream presence in West Africa, besides also a portfolio of infrastructure and downstream related investments, it rebalances the portfolio for Eni who is following a dual exploration model. It comes as part of the major's strategy to optimise upstream activities.
Vaalco Energy has also recently reorganised its portfolio in West Africa.
West Africa has also seen enhanced rig activity, with Shelf Drilling and Borr Drilling announcing contracts since late last year.
Vitol acquires partnership in significant Eni assets in West Africa
These agreements further solidify Eni and Vitol's partnership. (Image source: Adobe Stock)
