BAKU, Azerbaijan, September 26. The State Oil Company of Azerbaijan (SOCAR) and Italian company Eni S.p.A. have exchanged a Protocol on the completion of the transaction under which SOCAR acquired a 10% stake in the Baleine oil and gas field development project in Côte d’Ivoire, SOCAR reported on Saturday.
According to the document, following the completion of the transaction, the project partners' stakes are distributed as follows: Eni — 37.25%, Vitol — 30%, Côte d’Ivoire’s national oil and gas company Petroci — 22.75%, and SOCAR — 10%.
"The acquisition of the stake will provide SOCAR with access to Africa's upstream sector and will become part of the company's long-term strategy to expand its global exploration and production activities," the company said.
Earlier, Eni said that the sale of its stake in the Baleine project is in line with the Italian company's strategy to optimize its upstream portfolio.
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, and production started in 2023.
Currently, during the first and second phases of development, the Baleine field produces more than 62,000 barrels of oil and over 75 million cubic feet of gas (approximately 2.1 million cubic meters) per day. With the launch of the third 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.
The Baleine field is Africa’s first offshore oil and gas project with zero emissions.
