Italian oil giant Eni has sold its stakes in keyoil and gas assets in Ivory Coast and the Republic of the Congo to global energy trader Vitol.
Eni disclosed the sales in a company statement on Wednesday, according to a report from Reuters.
Vitol will acquire stakes in projects in Ivory Coast and the Republic of the Congo for $1.65 billion, though Eni noted that a cash adjustment would be made at closing.
The deal includes the Baleine project in Ivory Coast, where Eni holds a 77.25% ownership interest. Vitol will acquire a 30% stake. It also covers the Congo liquefied natural gas (LNG) project in the Republic of the Congo, where Eni has a 65% stake, with Vitol set to acquire a 25% interest.
The agreement aligns with Eni’s “dual exploration model” strategy, which involves divesting stakes in high-potential oil and gas projects to generate rapid income from exploration discoveries.
In May 2024, sources at the Italian energy group told Reuters that Eni was considering selling stakes in its upstream projects in Ivory Coast and Indonesia.
The company has stated that the deal will support its strategy for a diversified portfolio and provide additional financing for its growth.
Eni and Vitol are already partners in the OCTP and Block 4 projects in Ghana. This latest agreement further strengthens their cooperation in West Africa.
The giant Baleine field in Ivory Coast, discovered in 2021, currently produces over 60,000 barrels of oil equivalent per day. It is Eni’s first development in Ivory Coast and Africa’s first net-zero development.
Congo LNG began exporting liquefied gas in February 2024 and currently produces 1 billion cubic meters (BCM) of LNG per year.
The transaction aligns with Eni’s strategy to optimise upstream activities by rebalancing its portfolio and monetizing exploration discoveries early through reduced participation in them—the so-called “dual exploration model.”
The parties aim to finalise the sale and purchase agreements as soon as possible. Completion remains subject to conditions precedent, including regulatory approvals.
The deal represents another step forward in Eni’s satellite model, a strategy that involves spinning off operations to mitigate risk while maintaining a stake.
It is also part of Chief Executive Officer Claudio Descalzi’s plan to generate approximately €8 billion ($8.7 billion) from asset sales, with half coming from upstream divestments.
