Italian energy firm Eni has sold a 30% stake in Ivory Coast’s offshore Baleine oil and gas project to Vitol. After the sale, Eni holds 47.25%, Vitol 30%, and the Ivorian national oil company PETROCI 22.75%.
Baleine, discovered in 2021, already produces more than 62,000 barrels of oil and 75 million cubic feet of gas daily. Output is expected to grow to 150,000 barrels of oil and 200 million cubic feet of gas once Phase 3 begins. The transaction, valued at about $1.65 billion, reflects Eni’s strategy of sharing risks and raising capital through its “dual exploration model.” For Ivory Coast, the deal strengthens its role as a growing oil and gas producer in West Africa.
For Vitol, it expands its footprint in the region, where it already partners with Eni on other projects. The Baleine development is being promoted as Africa’s first net-zero upstream project, combining growth with environmental goals.
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