SOCAR expands global upstream portfolio with Côte d'Ivoire deal

The State Oil Company of Azerbaijan (SOCAR) and Italy's Eni S.p.A. have completed the transaction for SOCAR to acquire a 10% participating interest in the Baleine oil and gas field development project in Côte d'Ivoire.

According to Report, citing SOCAR, the transaction was completed after all required approvals were obtained and the necessary conditions were fulfilled.

Following the completion of the transaction, participating interests in the Baleine project are distributed as follows: Eni holds 37.25%, Vitol 30%, Petroci 22.75% and SOCAR 10%.

The acquisition marks SOCAR's entry into Africa's upstream sector and will contribute to the company's long-term strategy of expanding its global upstream operations.

Discovered in 2021, Baleine is considered one of the largest oil and gas discoveries made in West Africa in recent years. Production at the giant offshore oil and gas field began in 2023.

Baleine is also the first offshore oil and gas project in Africa with net-zero emissions.