Eni sells stake in Baleine Project to SOCAR

Eni has agreed to sell a 10% stake in the Baleine Project, Cote d’Ivoire, to SOCAR, the State Oil Company of the Republic of Azerbaijan

The Baleine offshore development is operated by Eni (47.25%), with Vitol and Petroci having stakes of 30% and 22.75% respectively.

The transaction aligns with Eni's strategy of optimising its upstream portfolio by accelerating the monetisation of exploration discoveries through the divestment of equity stakes, a model known as the "dual exploration model."

The agreement also reflects the broader collaboration between Eni and SOCAR. 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.

Eni has been present in Cote d’Ivoire since 2015. The giant Baleine deepwater field, discovered by Eni in 2021, is Eni’s first development in the country, and the first net-zero emission development in Africa, according to the company. The largest discovery in the country’s history, 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, the country’s main offshore development, as a cornerstone in meeting the country's domestic energy needs.