-Italian energy group Eni has completed the sale of a 30% stake sale in the Ivory Coast's Baleine offshore project to global commodity trader Vitol, it said in a statement on Thursday. The Baleine
Eni Offloads 30% Stake in Baleine Project to Vitol in Ivory Coast
Eni's Strategic Sale of Baleine Stake
-Italian energy group Eni has completed the sale of a 30% stake sale in the Ivory Coast's Baleine offshore project to global commodity trader Vitol, it said in a statement on Thursday.
Ownership Structure of Baleine Project
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.
Production Capacity and Future Phases
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.
Eni's Upstream Portfolio Strategy
According to Eni, the move fits into a strategy of optimising its upstream portfolio by accelerating the monetization of discoveries through the divestment of equity stakes, the so-called "dual exploration model."
(Reporting by Romolo Tosiani; Editing by Matt Scuffham)
