Eni sells 30% stake in Ivory Coast's Baleine project to Vitol

Audio By Carbonatix

Italian energy group Eni has completed the sale of a 30% stake in the Ivory Coast's Baleine offshore project to global commodity trader Vitol, it said in a statement on Thursday.

The Baleine project is now owned by Eni with 47.25%, Vitol with 30%, and Petroci with 22.75%, and is the country’s main offshore development.

The Ivorian field was discovered in 2021 and now produces over 62.000 barrels of oil and more than 75 million cubic feet of gas per day from Phases 1 and 2.

With the launch of Phase 3, production is expected to rise to 150,000 barrels of oil and 200 million cubic feet of gas per day.

According to Eni, the move fits into a strategy of optimising its upstream portfolio by accelerating the monetisation of discoveries through the divestment of equity stakes, the so-called "dual exploration model."

DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.

Tags:

Eni

Vitol