Eni has completed the sale of a 30% stake in the Baleine project in Côte d’Ivoire to global commodity trader Vitol, the companies announced on Thursday.
Baleine is Côte d’Ivoire’s main offshore development. Following the transaction, the project is now owned by Eni with a 47.25% stake, Vitol with 30% and Ivorian NOC Petroci with 22.75%.
Eni and Vitol had announced in March 2025 that Vitol would acquire stakes in Baleine and the Congo LNG project in the Republic of Congo from Eni for USD 1.65 billion. The two companies are also partners in the OCTP and Block 4 projects in Ghana.
Baleine is an oil and associated gasfield discovered in 2021, approximately 70 kilometres off the coast of Abidjan in water depths of about 1,200 metres. The field is estimated to hold 3 billion boe. It achieved first production in 2023 through an FPSO on location and is currently producing more than 62.000 bopd and more than 2.12 mcm (75 mcf) of gas per day.
Eni’s second major oil and gas find in Côte d’Ivoire came in 2024 with the Calao discovery in block CI-205, about 45 kilometres offshore in water depths of approximately 2,000 metres. It is estimated to hold up to 1.5 billion boe.
Eni noted that the Vitol transaction aligns with the ongoing optimisation of its upstream portfolio through the so-called dual exploration model, which accelerates the monetisation of discoveries through fast-tracked development and the divestment of equity stakes.
Source: Theenergyyear.com