The process of acquiring a 10% participating interest in the development project of the ‘Baleine’ oil and gas field located in the Republic of Côte d’Ivoire between SOCAR and the Italian company Eni S.p.A. has been completed.
“Elchi” reports, citing SOCAR, that the transaction has been finalized with the receipt of all required approvals and the fulfillment of necessary conditions.
As a result of the completion of the transaction, the participating interests in the ‘Baleine’ project are 37.25% for Eni, 30% for Vitol, 22.75% for Petroci, and 10% for SOCAR.
This acquisition not only ensures SOCAR’s entry into the African upstream sector but also contributes to the company’s long-term strategy aimed at expanding its global upstream operations.
It should be noted that ‘Baleine’, discovered in 2021, is considered one of the largest oil and gas fields discovered in West Africa in recent times. Production at this massive offshore oil and gas field began in 2023.
‘Baleine’ is also the first offshore oil and gas project in Africa with net-zero emissions.