SOCAR acquires 10% stake in Baleine project from Eni
Key highlights
- SOCAR acquired a 10% interest in the Baleine field from Eni after all required approvals and conditions were satisfied.
- Post-transaction ownership is Eni 37.25%, Vitol 30%, Petroci 22.75% and SOCAR 10%.
- Baleine was discovered in 2021 and began production in 2023.
- Baleine is described as Africa’s first net‑zero emissions offshore oil and gas project.
Transaction completed
SOCAR finalised the acquisition of a 10% ownership interest in the Baleine oil and gas field from Eni following receipt of all required approvals and satisfaction of necessary conditions.
Ownership structure
After completion, ownership of the Baleine project is Eni 37.25%, Vitol 30%, Petroci 22.75% and SOCAR 10%.
Asset background
Baleine, a giant offshore oil and gas field discovered in 2021, is considered one of the largest recent discoveries in West Africa and commenced production in 2023.
Strategic importance
The acquisition marks SOCAR’s entry into Africa’s upstream sector and aligns with its stated strategy to expand its global upstream footprint. The project is also presented as Africa’s first net‑zero emissions offshore oil and gas project.
Source: SOCAR