Italian Energy Company, Eni, has reduced its shareholding in Ivory Coast’s Baleine Offshore Project after selling a 30% stake to Global Commodity Trader, Vitol.
The company said in a statement on Thursday that the transaction is part of its plan to balance investments while speeding up the development of discoveries.
With the completion of the deal, Eni now controls 47.25% of the project, while Vitol holds 30% and State Owned Petroci retains 22.75%.
The Baleine Project, discovered in 2021, has quickly become the main offshore development in Ivory Coast and is central to the country’s push to increase oil and gas output.
The divestment reflects Eni’s “dual exploration model” where discoveries are partially sold to partners to accelerate development.
“The entry of Vitol into Baleine confirms the strategic importance of the project in Ivory Coast’s energy future,” the company noted in a statement.
How Baleine is expected to grow
The Baleine Field more than 62,000 barrels of oil per day (bpd) and about 75 million cubic feet of gas daily from the first two phases of development.
Eni noted that with the launch of Phase 3, output is expected to climb to 150,000 bpd and 200 million cubic feet of gas per day.
The project is being developed in phases to allow steady growth in production capacity and to ensure infrastructure is in place to handle oil and gas volumes.
According to Eni, Baleine has been designed to supply both domestic and export markets, with a focus on long term sustainability of output.
Ivory coast’s energy strategy
Ivory Coast has sought to strengthen its position as an oil and gas hub in West Africa by encouraging investment from International oil companies.
The government has described Baleine as the country’s largest hydrocarbon discovery and one that will contribute significantly to national revenues.
The involvement of Vitol, one of the world’s leading energy traders, is expected to provide both financial and commercial support to the project.
Petroci’s participation ensures that the state continues to have direct involvement in the development.
Beyond Baleine, Ivory Coast has opened new offshore blocks for exploration in recent years, hoping to attract further investment to diversify its economy.
The partnership between Eni, vitol, and Petroci is seen as a key step in consolidating the country’s growing energy sector.
