Italy’s energy company Eni has agreed to divest a minority stake in its offshore oil and gas development in Côte d’Ivoire, bringing in Azerbaijan’s state oil firm as a new partner in the project.
In a statement on the transaction, Eni said the state oil company of the Republic of Azerbaijan, SOCAR, will acquire a 10% interest in the Baleine offshore project, subject to regulatory approvals and other customary closing conditions.
The agreement reshapes the ownership structure of Côte d’Ivoire’s largest offshore energy development while keeping Eni as operator with a 47.25% stake, alongside Vitol with 30% and Petroci holding 22.75%.
Eni added that the divestment forms part of its upstream portfolio optimisation strategy, which focuses on accelerating the monetisation of exploration discoveries through partial equity sales while retaining operatorship.
Baleine was discovered in 2021, more than 20 years after the country’s last commercial offshore discovery, and achieved first production in 2023.
How the Baleine deal fits Eni’s strategy
Eni explained that the transaction follows its dual exploration model, which allows the company to reduce capital exposure by bringing in partners after discoveries are made and early development is completed.
Under this approach, the company aims to recycle capital into new exploration and development opportunities while maintaining operational control over core projects.
In addition, Eni noted that the deal builds on a broader cooperation framework with SOCAR, following the signing of three memoranda of understanding between both companies in 2024.
Those agreements focus on cooperation in hydrocarbon exploration and production, energy security initiatives, greenhouse gas emission reduction and the development of biofuel supply chains.
Eni also described Baleine as its first development in Côte d’Ivoire and said the project has been designed to minimise operational emissions through gas utilisation and efficient production systems.
What Baleine means for Côte d’Ivoire’s energy supply
The Baleine field currently produces more than 62,000 bdp of oil and over 75 million cubic feet of gas per day from its first two development phases, supplying both domestic demand and export markets.
Eni said the launch of Phase 3 is expected to lift production capacity to about 150,000 bdp of oil and 200 million cubic feet of gas per day, strengthening the country’s domestic energy balance.
Higher output from Baleine is expected to support electricity generation, industrial activity and government revenues, while reducing dependence on imported fuels over the medium term.
The divestment comes shortly after Eni inaugurated its second floating liquefied natural gas unit for the Rovuma basin offshore Mozambique, highlighting the company’s broader focus on gas led developments across Africa.
