- Eni sells 10% of Baleine Project to SOCAR, pending regulatory approval.
- Baleine produces 62,000 barrels of oil and 75 million cubic feet of gas daily.
- Phase 3 aims to increase production to 150,000 barrels of oil and 200 million cubic feet of gas per day.
- Eni and SOCAR signed MoUs in 2024 for energy security and emissions reduction.
Transaction Overview
Eni has signed a binding agreement to sell a 10% stake in the Baleine Project to SOCAR, the State Oil Company of Azerbaijan. This transaction is part of Eni's strategy to optimize its upstream portfolio by monetizing exploration discoveries through equity stake divestments.
Strategic Alignment
The agreement aligns with the broader collaboration between Eni and SOCAR, following three Memoranda of Understanding signed in 2024. These MoUs focus on energy security, hydrocarbon exploration and production, greenhouse gas emissions reduction, and biofuel production.
Baleine Project Details
Eni has been active in Cote d'Ivoire since 2015, with Baleine being its first development in the country and the first net-zero emission project in Africa. Discovered in 2021, Baleine achieved production in 2023, producing over 62,000 barrels of oil and 75 million cubic feet of gas per day from Phases 1 and 2.
Future Production Goals
With the launch of Phase 3, production is expected to increase to 150,000 barrels of oil and 200 million cubic feet of gas per day. This expansion positions Baleine as a key contributor to meeting Cote d'Ivoire's domestic energy needs.
Regulatory Approvals
The completion of this transaction is subject to regulatory approvals and other customary terms and conditions.
