Italian energy group Eni (ENI.MI) has completed the sale of a 30% stake in the Baleine offshore project in Ivory Coast to global commodity trader Vitol, the company announced on Thursday.
Following the transaction, the Baleine project is now owned by Eni with 47.25%, Vitol with 30%, and state-owned Petroci with 22.75%, making it the country’s primary offshore development, Reuters reported.
The field, discovered in 2021, currently 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 upcoming Phase 3, production is expected to increase to 150,000 barrels of oil and 200 million cubic feet of gas per day.
According to Eni, the sale aligns with its strategy of optimizing its upstream portfolio by accelerating the monetization of discoveries through the divestment of equity stakes, a framework the company refers to as the “dual exploration model.”
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Image Credit: Reuters
