Eni Sells 10% Stake in Ivory Coast’s Baleine Project to SOCAR

Core Viewpoint - Eni has signed a binding agreement to sell a 10% stake in the Baleine offshore oil and gas project in Côte d'Ivoire to SOCAR, reducing its operating stake to 37.25% while remaining the project operator [1] Group 1: Eni's Strategy and Operations - The transaction aligns with Eni's "dual exploration model," which accelerates monetization of major discoveries by selling minority stakes while retaining operatorship, a core pillar of its upstream strategy [2] - The Baleine field is significant for both Eni and Côte d'Ivoire, moving from discovery to first production in just two years, with production beginning in 2023 [3] - Baleine is Africa's first net-zero emissions upstream development, currently producing over 62,000 barrels of oil per day and over 75 million cubic feet of gas per day, with plans to increase output significantly in Phase 3 [4] Group 2: SOCAR's Expansion and Market Dynamics - For SOCAR, the acquisition expands its international upstream footprint beyond Azerbaijan and the Caspian region, building on a broader cooperation framework with Eni [5] - The transaction highlights growing international interest in West African offshore resources, particularly gas-rich developments, and the appeal of partial asset sales as a capital-management tool for major companies [6]