AZERBAIJAN; COTE DIVOIRE (IVORY COAST) —Italian energy company Eni S.p.A. has finalized the transfer of a 10% equity stake in the Baleine offshore field development in Côte d'Ivoire to State Oil Company of Azerbaijan Republic (SOCAR). Following the transaction, ownership in the offshore project is held by Eni as operator with 37.25%, Vitol with 30%, state company Petroci with 22.75%, and SOCAR with 10%. The divestment aligns with Eni's corporate framework of early monetization of exploration assets to optimize upstream capital allocation.
Eni S.p.A. is an Italian multinational energy corporation engaged in oil and natural gas exploration, refining, power generation, and renewable energy operations globally. SOCAR is the state-owned oil and gas enterprise of Azerbaijan, operating across international exploration, production, refining, and energy trading sectors. Côte d'Ivoire's national oil company Petroci represents local state participation in domestic offshore basin developments.
The Baleine field represents West Africa's first net-zero operational offshore energy development. Discovered in 2021, the asset entered production in 2023 and currently yields more than 57,000 barrels of crude oil and over 78 million cubic feet of natural gas per day across its initial two phases. Upon the commissioning of Phase 3, production capacity is projected to expand to 150,000 barrels of oil and 200 million cubic feet of gas daily, providing a key supply source for domestic energy security in West Africa.
This equity sale highlights the execution of asset-monetization strategies by European integrated oil majors seeking to de-risk capital-intensive deepwater projects. For West Africa's energy sector, expanding joint ventures with international buyers secures capital for offshore infrastructure expansion. The entry of SOCAR demonstrates growing geographic diversification by Eurasian national oil companies investing in high-yield West African upstream reserves alongside broader discoveries in the basin.
