Eni to Divest Stakes in Cote d'Ivoire and Congo Assets to Vitol

Core Viewpoint - Eni S.p.A has announced the sale of interests in certain West African assets to Vitol for a total consideration of $1.65 billion, pending regulatory approvals [1] Group 1: Transaction Details - The deal includes Eni's oil and gas-producing assets and exploration blocks in Cote d'Ivoire and the Republic of Congo [2] - Vitol will acquire a 30% participating interest in the Baleine field, where Eni holds a 77.25% ownership, and a 25% participating interest in the Congo LNG project, where Eni has a 65% interest [3] Group 2: Strategic Implications - The agreement strengthens the existing partnership between Eni and Vitol, who have collaborated on projects in Ghana, enhancing Vitol's presence in West Africa [4] - Eni's decision to divest aligns with its upstream strategy to optimize its asset portfolio, focusing on reducing stakes in exploration discoveries to lower financial risk [5] Group 3: Production and Future Prospects - The Baleine field currently produces over 60,000 barrels of oil equivalent, while the Congo LNG project has a production capacity of 1 billion cubic meters per year, with plans to increase to 4.5 billion cubic meters by the end of 2025 [6]