Italian energy company Eni has signed a binding agreement to sell a 10 percent stake in the Baleine offshore oil and gas project in Côte d’Ivoire to SOCAR, the State Oil Company of Azerbaijan.
Announced on January 22, 2026, the transaction is subject to regulatory approvals and customary closing conditions. Following the sale, Eni’s operating interest in the project will decrease to 37.25 percent, Vitol retains a 30 percent stake, and Côte d’Ivoire’s national oil company, Petroci, continues to hold 22.75 percent.
Eni described the deal as part of its dual exploration strategy, which allows the company to monetise discoveries through minority stake sales while maintaining operatorship. This approach helps Eni recycle capital, manage risk, and fund future developments.
The Baleine field, discovered in 2021, achieved first production in 2023, becoming Eni’s first operated offshore project in Côte d’Ivoire. It is also Africa’s first net-zero upstream development, integrating gas utilisation, reduced flaring, and offset measures. Current output exceeds 62,000 barrels of oil per day and 75 million cubic feet of gas per day, with Phase 3 expected to raise production to around 150,000 barrels of oil and 200 million cubic feet of gas daily.
For SOCAR, the acquisition expands its international upstream portfolio beyond Azerbaijan. The transaction builds on broader cooperation between the two companies, following 2024 memoranda covering upstream development, energy security, emissions reduction, and biofuels collaboration.