Following the sale, Eni owns 37.25% of the project, Vitol 30%, Petroci 22.75% and SOCAR 10%.
Italian energy company Eni has completed the sale of a 10% interest in the Baleine offshore oil project in Côte d’Ivoire to the State Oil Company of Azerbaijan Republic (SOCAR).
Following the transaction, project ownership stands at Eni with 37.25%, Vitol holding 30%, SOCAR with 10% and Petroci retaining 22.75%.
Eni said the sale is part of its plan to optimise its upstream portfolio and speed up the monetisation of exploration discoveries by divesting equity stakes. The company refers to this process as its “dual exploration model”.
The Baleine field, discovered in 2021, is described as the first major oil find in the country in two decades.
Production began in 2023, with the field currently yielding more than 57,000 barrels of oil per day (bopd) and 78 million cubic feet per day (mcf/d) of gas from phases one and two.
With phase three planned, production could reach 150,000bopd and 200mcf/d of gas.
According to Eni, the Baleine project is Africa’s first net-zero development and is considered important for Côte d’Ivoire’s domestic energy supply.
The Italian oil and gas major began operating in Côte d’Ivoire in 2015.
Eni also operates the Calao and Calao South discoveries, reported to be the second-largest in the region after Baleine, consolidating the company’s activities in the Ivorian offshore sector.
The Baleine field has thus far recovered 0.26% of its total expected reserves, with peak output projected for 2030.
Production is anticipated to continue until 2059, with the field presently contributing around 8% of Côte d’Ivoire’s daily oil production.
In June 2026, Eni and the Libyan National Oil Corporation, operating together via the Mellitah Oil & Gas joint venture, began hydrocarbon production from the Sabratha Compression Project.
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