SOCAR Acquires 10% Stake in Côte d'Ivoire Baleine Project

The State Oil Company of the Republic of Azerbaijan (SOCAR) has completed the acquisition of a 10% ownership interest in the Baleine oil and gas field development project in Côte d'Ivoire. SOCAR purchased the stake from Italy's Eni S.p.A. after receiving all necessary regulatory approvals, marking the Azerbaijani company's first entry into Africa's upstream sector as part of a global expansion strategy.

Eni executed the sale as part of its dual exploration model, which seeks to optimize its upstream portfolio by divesting equity stakes to accelerate the monetization of discoveries. Following the transaction, project ownership is divided between Eni (37.25%), Vitol (30%), Petroci (22.75%), and SOCAR (10%).

Discovered in 2021 and in production since 2023, the Baleine field is the first net-zero emissions offshore oil and gas project in Africa. The field currently produces over 57,000 barrels of oil and 78 million cubic feet of gas per day. With the upcoming launch of Phase 3, production is projected to increase to 150,000 barrels of oil and 200 million cubic feet of gas per day to support the domestic energy requirements of Côte d'Ivoire.