Vitol, a global energy and commodities trading company, has acquired a 30% stake in the Baleine project offshore Côte d’Ivoire, this portal can confirm.
Following the acquisition, Eni, the operator, will hold 47.25%, Vitol 30%, and Petroci, Côte d’Ivoire’s national oil company, the remaining 22.75%.
In a statement, Eni noted that the transaction aligns with its strategy of optimising its upstream portfolio by accelerating the monetization of exploration discoveries through the divestment of equity stakes, a model known as the “dual exploration model.”
Eni and Vitol are already partners in the OCTP and Block 4 projects in Ghana, and this transaction further strengthens their collaboration in West Africa.
Eni has been present in Côte d’Ivoire since 2015. Baleine is Eni’s first development in the country, and the first net-zero development in Africa.
The giant Baleine field was discovered in 2021, two decades after the last commercial discovery in the country, and achieved production in record time in 2023.
Currently, Baleine 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, positioning Baleine as a cornerstone in meeting the country’s domestic energy needs.
Vitol has maintained an upstream presence in the West African region for many years.
Source: https://energynewsafrica.com
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