Eni divests stake in Baleine to Vitol

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.