Eni Optimises Upstream Portfolio With Partial Divestment of Baleine Project

Eni Optimises Upstream Portfolio With Partial Divestment of Baleine Project

(IN BRIEF) Eni has signed a binding agreement with SOCAR for the sale of a 10 percent stake in the Baleine offshore project in Côte d’Ivoire, while retaining operatorship and a 47.25 percent interest. The transaction aligns with Eni’s dual exploration model and strengthens its strategic cooperation with SOCAR. Baleine, Africa’s first net-zero emissions oil and gas development, is already producing over 62,000 barrels of oil and 75 million cubic feet of gas per day, with production expected to rise significantly following the launch of Phase 3.

(PRESS RELEASE) MILAN, 22-Jan-2026 — /EuropaWire/ — Eni has entered into a binding agreement with SOCAR, the State Oil Company of the Republic of Azerbaijan, for the sale of a 10 percent participating interest in the Baleine offshore project in Côte d’Ivoire. Baleine is the country’s flagship offshore development and is operated by Eni, which will retain a 47.25 percent stake following the transaction. The project also includes Vitol with 30 percent and Petroci with 22.75 percent.

The transaction supports Eni’s upstream strategy, which focuses on optimizing its portfolio by accelerating value realization from exploration successes. Through its dual exploration model, Eni advances projects to the development stage and subsequently monetizes part of its equity by bringing in strategic partners, while maintaining operatorship and long-term involvement.

The agreement also reflects the broader strategic relationship between Eni and SOCAR. In 2024, the two companies signed three memoranda of understanding aimed at strengthening cooperation on energy security, expanding upstream exploration and production activities, reducing greenhouse gas emissions, and developing the biofuels value chain.

Eni has operated in Côte d’Ivoire since 2015, with Baleine representing its first development in the country and Africa’s first net-zero emissions oil and gas project. Discovered in 2021, Baleine marked the first major commercial discovery in Côte d’Ivoire in more than 20 years and progressed from discovery to production in record time, reaching first output in 2023.

Production from Phases 1 and 2 currently exceeds 62,000 barrels of oil per day and more than 75 million cubic feet of gas per day. With the planned start-up of Phase 3, output is expected to increase to approximately 150,000 barrels of oil per day and 200 million cubic feet of gas per day, reinforcing Baleine’s role as a key contributor to Côte d’Ivoire’s domestic energy supply.

Completion of the transaction remains subject to customary regulatory approvals and standard closing conditions.

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SOURCE: Eni S.p.A.