Italy’s energy giant Eni has completed the sale of part of the interest it holds in a project offshore Côte d’Ivoire to Vitol, an energy and commodities company.
Now that Eni has divested its 30% stake in the Baleine project – described as the country’s main offshore development – to Vitol, the ownership structure comprises Eni’s 47.25% interest as the operator, Vitol’s 30%, and Petroci’s 22.75%.
When the divestment was announced in March, it was disclosed that Vitol would also be purchasing a 25% participating interest from Eni’s 65% participating interest in Congo LNG, the country’s first LNG development.
Baleine is Eni’s first development in the country, and it is described as the first net-zero development in Africa. The giant Baleine field was discovered in 2021, with production following in what Eni says is record time, in 2023. It is said to be the largest hydrocarbon discovery made by an energy company in Côte d’Ivoire.
According to the Italian giant, Baleine produces over 62,000 barrels of oil and more than 75 million cubic feet of gas per day from Phases 1 and 2. With the launch of Phase 3, production is expected to increase to 150,000 barrels of oil and 200 million cubic feet of gas per day.
Eni and Vitol are already partners in the Offshore Cape Three Points (OCTP) and Block 4 projects in Ghana, and this transaction further strengthens their collaboration in West Africa.
Earlier this month, the duo signed a memorandum of intent (MOI) with Ghana’s government to boost the gas production at the OCTP project. The possible increase in the project’s production capacity is envisaged to encompass offshore and onshore upgrades.