Côte d'Ivoire - Congo: Eni sells shares to Vitol for USD 1.65 billion and steps up its energy strategy

Italian oil company Eni has formalised the sale of part of its interests in the Baleine (Côte d'Ivoire) and Congo LNG (Republic of Congo) projects to oil trading company Vitol, for $1.65 billion. This transaction, which strengthens an already established partnership between the two entities in Ghana, is part of Eni's optimisation strategy aimed at freeing up capital to support its energy ambitions.

Under the agreement, Vitol will acquire 30% of Eni's 77.25% stake in the Baleine oil field, offshore Côte d'Ivoire, and 25% of its 65% stake in Congo LNG. "This transaction reflects our dual exploration model", explained Eni in a press release, underlining its desire to rebalance its upstream portfolio by realising the value of its discoveries at an early stage through partial divestments. This approach was confirmed in May 2024, when Eni intended to reduce its stake in Côte d'Ivoire in order to finance other projects.

According to Francesco Gattei, Eni's Chief Financial Officer, this strategy of targeted divestments or joint ventures provides "sources of financing" to accelerate the development of key assets, while retaining a central operational role.

In Côte d'Ivoire, the Baleine field currently produces 60,000 barrels of oil per day (bpd). The third phase of development, already in preparation, aims to increase this capacity to 150,000 bpd and add 200 million cubic feet of gas per day. In Congo, the second phase of Congo LNG, scheduled for completion by the end of 2025, is expected to boost liquefied natural gas production from 1 billion to 4.5 billion cubic metres a year. These advances demonstrate Eni's commitment to optimising the performance of these assets, even while reducing its stake.

The transaction builds on an existing collaboration between Eni and Vitol, notably in Ghana on the OCTP and Sankofa projects. By selling these interests, Eni is not only securing funds, but also consolidating a strategic alliance with a major player in oil trading, capable of adding value to the volumes produced on international markets.

The agreement is subject to regulatory approvals from the Ivorian and Congolese authorities. Once approved, this transaction will mark a key step in the reconfiguration of Eni's portfolio, while strengthening Vitol's presence in high-potential African projects.

By combining targeted divestments with investment in development, Eni is demonstrating a pragmatic approach to navigating a changing energy sector. For Côte d'Ivoire and Congo, this transaction could accelerate the development of their resources, while providing Eni with the means to achieve its global ambitions. It remains to be seen how this rebalancing will influence local and regional dynamics in the months ahead.