Eni Sells 10% Stake in Baleine Project to SOCAR, Enhancing Energy Collaboration in Côte d'Ivoire
Eni has finalized a binding agreement to sell a 10% stake in the Baleine Project to SOCAR, enhancing their collaboration in Côte d'Ivoire. This move aligns with Eni's strategy to optimize its upstream portfolio, as the Baleine field, which began production in 2023, is projected to significantly increase output with the upcoming Phase 3 launch. The partnership is further strengthened by three memoranda of understanding signed in 2024, focusing on energy security and hydrocarbon exploration.
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Eni has signed a binding agreement with SOCAR for the sale of a 10% stake in the Baleine Project, an offshore development in Côte d'Ivoire. This transaction is in line with Eni's strategy to optimize its upstream portfolio by monetizing exploration discoveries through equity divestment.
The Baleine field, discovered in 2021, began production in 2023 and currently produces over 62,000 barrels of oil and more than 75 million cubic feet of gas per day from Phases 1 and 2. With Phase 3 expected to launch, production could rise to 150,000 barrels of oil and 200 million cubic feet of gas per day.
The agreement strengthens the ongoing collaboration between Eni and SOCAR, which includes three MoUs signed in 2024 focusing on energy security and cooperation in hydrocarbon exploration, emissions reduction, and biofuel production. Eni's presence in Côte d'Ivoire began in 2015, making Baleine its first development in the country.
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