The divestment is in line with Eni's strategy of upstream portfolio optimisation.

Eni has divested 30% of its stake in the Baleine project in Cote d’Ivoire to Vitol

The shares in this significant offshore development now stands at 47.25% for Eni, 30% for Vitol, and 22.75% for Petroci.  

The divestment is in line with Eni's strategy of upstream portfolio optimisation by accelerating the monetization of exploration discoveries through the divestment of equity stakes, a model known as the "dual exploration model."

This transaction adds to OTCP and Block 4 in Ghana, projects in West Africa that have already established long-standing collaboration between Eni and Vitol.

Eni has been present in Cote d’Ivoire since 2015. Baleine is Eni’s first development in the country, and the first net-zero development in Africa. The giant Baleine field was discovered in 2021, two decades after the last commercial discovery in the country and it achieved production in record time, in 2023. Currently, Baleine 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.

Global energy and commodities company, Vitol, has enjoyed a well established presence in West Africa since several years. 

Pharos will retain a 45% working interest in the Consolidated Concession.

Pharos Energy has received approval from the Executive Board of the Egyptian General Petroleum Corporation (EGPC) for the consolidation of the El Fayum and North Beni Suef Concession Agreements into a new consolidated concession agreement

Pharos will retain a 45% working interest in the Consolidated Concession, with IPR Lake Qarun Company continuing as operator with a 55% working interest. In addition to the 12 development leases of the EF and NBS concessions, the Consolidated Concession will include three new exploration areas.

Katherine Roe, chief executive officer, said, "The approval by EGPC's Executive Board of the new Consolidated Concession is a significant milestone for our Egyptian business. The improved fiscal terms have the potential to unlock long-term value for all stakeholders and drive organic growth opportunities across the concession areas. I would like to thank IPR's and Pharos's in-country teams for their tenacity and diligence in concluding negotiations, and the Egyptian authorities for their positive engagement throughout the process. We look forward to planning the start of our drilling campaign to increase production."

The Consolidated Concession will unlock significant value in the Western Desert by improving certain fiscal terms, extending the duration of the licenses, and committing the Contractor parties (Pharos Group and IPR) to additional work programmes to deliver production growth. Based on Pharos' Competent Person's Reports ("CPR") as at 31 December 2024, the Consolidated Concession could result in moving 3.1 MMstb from contingent resources to 2P reserves, or a 25% increase from year-end 2024, net to Pharos working interest.

The Consolidated Concession is subject to customary approvals and to Egyptian Parliamentary ratification, which is expected to take place in late 2025 or early 2026, but the new set of terms will start imminently.

The improved terms of the Consolidated Concession reset our investment into the assets in order to unlock further value.

The blocks cover an area of approximately 12,700 sq km. (Image source: TotalEnergies)

As a result of the 2024 Direct Negotiation Licensing Round that was organised by the Liberia Petroleum Regulatory Agency, TotalEnergies has signed production sharing contracts for four exploration blocks offshore Liberia

The blocks LB-6, LB-11, LB-17 and LB-29, covering an area of approximately 12,700 sq km, are located in the south of the Liberia Basin. The company has framed a work programme to delve deeper into the region with a 3D seismic survey.

"TotalEnergies is enthusiastic to be part of the resumption of exploration activities in offshore Liberia," said Kevin McLachlan, senior vice-president for exploration at TotalEnergies. "Entering these blocks aligns with our strategy of diversifying our Exploration portfolio in high-potential new oil-prone basins. These areas hold significant potential for prospects that have the potential for large-scale discoveries that lead to cost-effective, low-emission developments, leveraging the Company’s proven expertise in deepwater operations."

Galp steps into Sao Tome and Principe.

Galp has joined Sao Tome and Príncipe’s Block 4 with the acquisition of a 27.5% stake in line with a farm-in agreement with KE STP Company BV (Shell affiliate)

This development has given way to a joint venture with Shell (30%, Operator), Petrobras (27.5%) and ANP-STP (15%).

This acquisition marks an important expansion for Galp, solidifying the company's prospects with stake on an early-stage exploration block through a limited financial commitment.

Galp currently holds interests in three offshore exploration blocks in the Muni River Basin, located in ultra-deep waters off STP, where it has been present since 2015. Galp is the operator of Block 6, where it holds a 45% interest alongside Shell (45%) and the national oil company ANP-STP (10%).

In 2022, Galp drilled São Tomé’s first offshore exploration well, Jaca-1. While no commercially viable accumulations were discovered, Jaca-1 revealed the presence of an active petroleum system that was thoroughly sampled and studied.

In addition to Block 6, Galp also holds a 41,2% operating position in Block 12, in partnership with Equator and ANP-STP, and a 20%-stake in Block 11, operated by Shell, with Petrobras and ANP-STP as partners.

Over the years, Galp and its partners have carried out extensive seismic campaigns and geological studies across these blocks to evaluate the region’s hydrocarbon potential. While exploration remains at an early stage, Galp’s entry in Block 4 demonstrates its long-term commitment towards the development of the country’s offshore resources.