Italian energy giant Eni has taken another step forward in its African expansion strategy by signing a binding agreement with SOCAR, Azerbaijan's state-owned oil and gas company. The transaction involves the sale of a 10% stake in the Baleine project, located off the coast of Côte d'Ivoire. This financial move fits perfectly with Eni's "dual exploration model", a strategy that aims to optimise its upstream portfolio by accelerating the monetisation of its exploration discoveries through the sale of minority stakes.
The Baleine project occupies a unique place in the global energy landscape. Discovered in 2021, just two decades after the last major commercial discovery in the country, the field came on stream in 2023, setting a record for development time. Beyond its speed of execution, Baleine stands out as the first net-zero emissions project on the African continent, marking a major technological and environmental breakthrough for the sector.
Operationally, project governance is being reorganised around this agreement, although finalisation remains subject to the usual regulatory approvals. Until now, Eni held a 47.25% stake alongside its partners Vitol and Petroci, which hold 30% and 22.75% respectively. The arrival of SOCAR strengthens the already close bilateral collaboration between Italy and Azerbaijan. In fact, the two groups have signed a number of memoranda of understanding in 2024, covering not only hydrocarbon exploration and production to ensure energy security, but also greenhouse gas reduction and the development of the biofuel sector.
The economic impact for Côte d'Ivoire is considerable. Currently, phases 1 and 2 of the Baleine project generate more than 62,000 barrels of oil and 75 million cubic feet of gas daily. The future looks even more ambitious with the imminent launch of phase 3. Once this stage is complete, production is expected to jump to 150,000 barrels of oil and 200 million cubic feet of gas per day. This ramp-up will make Baleine the cornerstone of Côte d'Ivoire's energy sovereignty, providing a sustainable response to the growing needs of the domestic market.