Vitol will acquire stakes in Eni’s assets, including the Baleine project in Côte d’Ivoire and the Congo LNG project in the Republic of Congo, for $1.65 billion.
Under the agreement, Vitol will secure interests in both producing oil and gas assets as well as blocks in exploration, appraisal, and development stages.
In Côte d’Ivoire, Vitol will take a 30% stake in the Baleine project, where Eni currently holds 77.25%, while in the Republic of Congo, Vitol will acquire a 25% stake in the Congo LNG project, where Eni holds 65%.
By expanding their partnership in West Africa, this deal strengthens the existing collaboration between Eni and Vitol, who are already partners in Ghana’s OCTP and Block 4 projects.
Baleine marks Eni’s first development in Côte d’Ivoire and stands as Africa’s first net-zero project.
Eni discovered the massive Baleine field in 2021, two decades after the last commercial discovery in Côte d’Ivoire, and began production in 2023.
Baleine currently produces over 60,000 barrels of oil equivalent per day (boe/d), and with Phase 3 under review, production is expected to reach 150,000 barrels per day and 200 million cubic feet of associated gas.
The Congo LNG project began exporting liquefied natural gas in February 2024 and currently produces 1 billion cubic meters (BCM) per year.
With the second phase set to launch by late 2025, Congo’s LNG exports will rise to 4.5 BCM annually.
This transaction aligns with Eni’s strategy to optimize its upstream portfolio by monetizing exploration discoveries early through reduced stakes, following its dual exploration model.
Both parties aim to finalize the sale and purchase agreements as soon as possible, with completion subject to regulatory approvals and other conditions.
Source:oedigital.com
