KEY POINTS
- Eni sold a 10% Baleine stake to SOCAR.
- Baleine currently produces over 57,000 barrels of oil daily.
- Phase 3 could lift output to 150,000 barrels per day.
Eni has completed the sale of a 10% interest in Côte d’Ivoire’s Baleine offshore project to Azerbaijan’s state-owned energy company SOCAR, reshaping the ownership structure of one of West Africa’s major oil and gas developments.
Eni announced the completion of the transaction on September 16, 2026, saying the deal is part of its strategy to optimise its upstream portfolio and generate value from exploration discoveries.
Following the transaction, Eni retains a 37.25% interest in Baleine, while Vitol holds 30%, SOCAR owns 10% and Côte d’Ivoire’s national oil company Petroci holds 22.75%.
The entry of SOCAR gives the Azerbaijani energy company a stake in one of Côte d’Ivoire’s most important offshore developments and expands its exposure to the country’s growing oil and gas industry.
Baleine production continues to grow
Discovered by Eni in 2021, Baleine was the company’s first development in Côte d’Ivoire and the country’s first major commercial discovery in about two decades.
The field was brought into production in 2023, just two years after its discovery. Eni describes the project as Africa’s first net-zero development.
Production from the first two phases currently exceeds 57,000 barrels of oil per day, alongside more than 78 million cubic feet of natural gas per day.
The project is expected to become significantly larger when its third phase comes on stream. Eni expects Phase 3 to increase production to about 150,000 barrels of oil per day and 200 million cubic feet of gas per day.
The projected increase would strengthen Baleine’s role in supplying Côte d’Ivoire’s domestic energy market while also expanding the country’s oil production capacity.
Despite selling part of its interest, Eni remains the largest shareholder in the Baleine project, with a 37.25% stake.
The Italian energy company has operated in Côte d’Ivoire since 2015 and says the Baleine development has strengthened its position in the country’s offshore sector.
Eni also has interests in the Calao and Calao South discoveries, which it describes as the second-largest discoveries in the basin after Baleine. The company holds a 90% interest in those projects and remains the operator.
The discoveries point to further potential in Côte d’Ivoire’s offshore basin and could support additional developments as exploration and appraisal activities progress.
The sale is also part of Eni’s broader approach to managing its exploration portfolio.
The company refers to the strategy as a “dual exploration model,” under which it seeks to monetise part of the value created by successful exploration discoveries by selling equity stakes while retaining exposure to the projects.
For Baleine, the transaction allows Eni to reduce its ownership position while remaining a significant partner and operator as production expands.
SOCAR, meanwhile, gains exposure to a producing offshore asset with further growth planned through the third phase of development.
