BAKU, Azerbaijan, September 16. Azerbaijan’s state oil company SOCAR has completed the acquisition of a 10% interest in the Baleine oil and gas field development project in Côte d’Ivoire, Trend reports.
According to SOCAR, the company acquired the stake from Italy’s Eni S.p.A. The transaction was completed after all required approvals were obtained and the necessary conditions were fulfilled.
"Following the transaction, the ownership structure of the Baleine project is as follows: Eni — 37.25%, Vitol — 30%, Petroci — 22.75%, and SOCAR — 10%. The acquisition marks the company’s entry into Africa’s upstream oil and gas sector and is in line with its long-term strategy to expand its global upstream portfolio," said the company.
The Baleine field is considered one of the largest oil and gas discoveries made in West Africa in recent years. The offshore field was discovered in 2021, with production starting in 2023.
The first and second development phases of Baleine currently produce more than 62,000 barrels of oil and over 75 million cubic feet of gas (around 2.1 million cubic meters) per day. Following the launch of the third development phase, production is expected to increase to 150,000 barrels of oil and 200 million cubic feet of gas (around 5.7 million cubic meters) per day.
Baleine is Africa’s first offshore oil and gas project with net-zero emissions.
