SOCAR completes acquisition of 10% interest in Baleine project

SOCAR has completed the acquisition of a 10% ownership interest from Italy’s Eni S.p.A. in the Baleine oil and gas field development project in the Republic of Côte d’Ivoire.

The transaction was finalized following receipt of all required approvals and satisfaction of the necessary conditions.

Following completion of the transaction, ownership interests in the Baleine project are held by Eni (37.25%), Vitol (30%), Petroci (22.75%), and SOCAR (10%).

The acquisition marks SOCAR’s entry into Africa’s upstream sector and underscores the company’s long-term strategy of expanding its global upstream footprint.

Discovered in 2021, Baleine is considered one of the largest oil and gas discoveries made in West Africa in recent years. The giant offshore oil and gas field was discovered in 2021, with production commencing in 2023.

Baleine is also Africa’s first net-zero-emissions offshore oil and gas project.