The State Oil Company of the Republic of Azerbaijan (SOCAR) has completed the acquisition of a 10% stake in the Baleine oil and gas project, operated by Eni off the coast of Ivory Coast.
With this operation, the Azerbaijani company enters Africa’s upstream sector and expands the geographical scope of its international hydrocarbon exploration and production portfolio.
The closing occurred after obtaining the required approvals and fulfilling the conditions stipulated for the transaction.
SOCAR Enters Eni’s Baleine Project
Following the acquisition, Eni retains a 37.25% stake in Baleine, while Vitol holds 30%, state-owned Petroci controls 22.75%, and SOCAR now holds 10%.
For SOCAR, joining the project represents a new step in its international diversification strategy. The Azerbaijani state company operates across the energy chain with activities including exploration, production, refining, petrochemicals, transportation, marketing, and distribution.
Eni, for its part, maintains operation of the offshore development. The Italian company explained that the sale is part of its strategy to optimize its upstream portfolio and partially monetize exploration discoveries through the sale of stakes.
Baleine Expands Oil and Gas Production
The Baleine field was discovered in 2021 off the coast of Ivory Coast and began production in 2023. Since then, the development has progressed through different phases to increase its production capacity.
Currently, Phases 1 and 2 produce over 57,000 barrels of oil per day and more than 78 million cubic feet of gas per day.
Additionally, Phase 3 will increase the project’s capacity to 150,000 barrels of oil per day and 200 million cubic feet of gas per day.
The gas obtained from Baleine is destined for Ivory Coast’s domestic market. In this way, the development contributes to the country’s energy supply and the electricity generation associated with its industrial growth.
A New FPSO to Bolster Baleine’s Phase 3
The expansion includes a new floating production, storage, and offloading (FPSO) unit, which will reinforce the infrastructure installed during previous stages of the project.
Eni selected Altera Infrastructure to supply the Phase 3 FPSO after the final investment decision was made in May 2026. The company is already involved in Baleine through the FPSO Petrojarl Kong and the FSO Yamoussoukro.
The new unit will be built by Wison New Energies in China and will have the capacity to produce 90,000 barrels of oil per day, process 160 million cubic feet of gas per day, and store up to 1.4 million barrels of crude oil.
Likewise, the project’s growth strengthens Baleine’s position within Ivory Coast’s oil and gas sector. For SOCAR, the acquisition represents an entry platform into an African upstream market that is now integrated into its international operations.
Source: Eni
Photo: Shutterstock
