Eni has finalized the sale of a 30% interest in Côte d’Ivoire’s Baleine offshore project to Vitol, reshaping the partnership structure of the country’s flagship oil and gas development. Following the deal, Eni retains a 47.25% stake as operator, Vitol holds 30%, and state-owned Petroci controls 22.75%.
The transaction, first announced in March 2025, was part of a broader $1.65 billion package that also saw Vitol acquire a 25% interest in Eni’s 65% stake in Congo LNG, the country’s first liquefied natural gas development. Closing adjustments could raise the overall value of the deal by as much as $1 billion, according to Eni.
Baleine, discovered by Eni in 2021 and brought on stream in 2023, is described as Africa’s first net-zero upstream development. It is the largest hydrocarbon discovery ever made in Côte d’Ivoire and Eni’s first project in the country. Current production from Phases 1 and 2 exceeds 62,000 barrels of oil and 75 million cubic feet of gas per day. With Phase 3 underway, output is expected to climb to 150,000 barrels of oil and 200 million cubic feet of gas per day.
The deal also reinforces the long-standing partnership between Eni and Vitol in West Africa. The two companies already work together in Ghana on the Offshore Cape Three Points (OCTP) and Block 4 projects. Earlier this month, they signed a memorandum of intent with Ghana’s government to explore boosting gas production at OCTP through offshore and onshore upgrades.
Eni said the Baleine transaction is consistent with its “dual exploration model,” which emphasizes rapid monetization of discoveries and upstream portfolio optimization. By selling down stakes while retaining operatorship, the company seeks to recycle capital into new projects while maintaining a presence in strategic developments.
With Vitol’s entry, Côte d’Ivoire’s most important offshore energy project gains a partner with deep expertise in oil and gas trading and infrastructure, while Eni continues to lead development of a field central to the country’s energy growth and regional supply ambitions.
Source: oilprice.com