Ivory Coast: SOCAR acquires 10% stake in Baleine project
Eni has finalized the sale of a 10% stake in the Baleine oil and gas project to SOCAR. The Azerbaijani group thus enters the African upstream sector, while Eni retains 37.25%.
Eni finalized the sale of a 10% stake in the Baleine oil and gas project in Ivory Coast to Azerbaijani company SOCAR on Wednesday, September 16. Following the transaction, Eni retains a 37.25% stake in the project, alongside Vitol with 30%, Petroci with 22.75%, and SOCAR with 10%.
This transaction marks SOCAR’s entry into the African upstream oil and gas sector. The sale agreement was signed with Eni on January 22, 2026, and its completion was subject to regulatory approvals and customary conditions.
Baleine currently produces over 57,000 barrels of oil and more than 78 million cubic feet of gas per day, thanks to its first two phases. Eni anticipates that a third phase will ultimately increase production to 150,000 barrels of oil and 200 million cubic feet of gas per day.
Discovered in 2021, the offshore field began production in 2023. Eni, which has been present in Ivory Coast since 2015, describes it as its first development in the country and the main offshore project in Ivory Coast.
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