Core Insights - Eni S.p.A. has completed the sale of a 30% interest in the Baleine project to Vitol, reducing its ownership stake to 47.25% while Vitol and Petroci hold 30% and 22.75% respectively [1][8] - The Baleine field is the largest oil and gas discovery in Côte d'Ivoire and is notable for being the first net-zero development in the region, with production starting in 2023 and expected to reach nearly 150,000 barrels of oil and 200 million cubic feet of gas per day with the upcoming Phase 3 [2][8] - The divestiture aligns with Eni's strategy to streamline its upstream portfolio for improved profitability and efficiency, utilizing a dual exploration model to monetize new hydrocarbon discoveries [3] Company Rankings and Comparisons - Eni currently holds a Zacks Rank of 2 (Buy), indicating a positive outlook [4] - Other top-ranked energy stocks include Repsol S.A. with a Zacks Rank of 1 (Strong Buy), and Galp Energia and Oceaneering International, both with a Zacks Rank of 2 [4] - Repsol is focusing on transitioning to cleaner energy solutions, while Galp Energia has made significant discoveries in oil exploration, particularly in Namibia [5][6]
Eni Finalizes Sale of 30% Interest in the Baleine Field to Vitol