Italian energy company Eni has taken another step in its African expansion strategy by signing a binding agreement with SOCAR, Azerbaijan’s state-owned oil and gas company. The transaction concerns the sale of a 10% stake in the Baleine project, located offshore Côte d’Ivoire. It fits Eni’s ‘dual exploration model’, a strategy aimed at optimising its upstream portfolio by accelerating the monetisation of exploration discoveries through sales of minority interests.
The Baleine project occupies a distinctive position in the global energy landscape. Discovered in 2021, two decades after the country’s previous major commercial discovery, the field entered production in 2023, achieving a record development timeline. Beyond its rapid execution, Baleine stands out as Africa’s first net-zero emissions project, marking a major technological and environmental advance for the sector.
Operationally, the project’s ownership structure is being reshaped by the agreement, although completion remains subject to customary regulatory approvals. Before the transaction, Eni held a 47.25% stake alongside partners Vitol and Petroci, which owned 30% and 22.75% respectively. SOCAR’s involvement strengthens already extensive bilateral cooperation between Italy and Azerbaijan. The two companies signed several memoranda of understanding in 2024, covering oil and gas exploration and production to support energy security, as well as greenhouse gas reductions and the development of biofuels.
The economic impact for Côte d’Ivoire is considerable. Phases 1 and 2 of the Baleine project currently produce more than 62,000 barrels of oil and 75 million cubic feet of gas per day. Plans are even more ambitious with the anticipated launch of phase 3. Once that stage is completed, production is expected to reach 150,000 barrels of oil and 200 million cubic feet of gas per day. This increase would make Baleine a cornerstone of Côte d’Ivoire’s energy sovereignty, supporting the growing needs of the domestic market.