Eni has signed a binding agreement with SOCAR, the State Oil Company of the Republic of Azerbaijan, for the sale of a 10% stake in the Baleine Project - the Ivorian main offshore development operated by Eni (47.25%), and participated by Vitol (30%) and Petroci (22.75%).

The transaction aligns with Eni's 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."

The agreement is consistent with the broader collaboration between Eni and SOCAR. In 2024, the companies signed three Memoranda of Understanding (MoUs) focused on energy security- aiming to expand cooperation on hydrocarbon exploration and production- as well as greenhouse gas emissions reduction and the biofuel production chain.

Eni has been present in Cote d’Ivoire since 2015. Baleine is Eni’s first development in the country, and the first net-zero emission development in Africa. The giant Baleine field was discovered in 2021, two decades after the last commercial discovery in the country and it 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.

The closing of this transaction is subject to appropriate regulatory approvals and other customary terms and conditions.

About Eni

Eni is a global energy tech company operating in 64 Countries, with about 32,500 employees. Originally an oil & gas company, it has evolved into an integrated energy company, playing a key role in ensuring energy security and leading the energy transition. Eni's goal is to achieve carbon neutrality by 2050 through the decarbonization of its processes and of the products it sells to its customers.
In line with this goal, Eni invests in the research and development of technologies that can accelerate the transition to increasingly sustainable energy. Renewable energy sources, bio-refining, carbon capture and storage are only some examples of Eni's areas of activity and research. In addition, the company is exploring game-changing technologies such as fusion energy - a technology based on the physical processes that power stars and that could generate safe, virtually limitless energy with zero emissions.

About SOCAR

SOCAR is one of the leading international energy companies. In order to ensure the economic interests of the Azerbaijani people, SOCAR is a major operator and participant in a number of transnational projects across the country and abroad. The company is active in all the oil and gas industry value chains. Exploration of oil and gas fields, production, processing and transportation of oil, gas and gas condensate constitute the main part of the operations of SOCAR. SOCAR also exports natural gas, oil and petrochemical products to the country's market, as well as international markets. The company's goal is to become a vertical integrated international energy company with advanced experience in the field of effective operation, social and environmental responsibility. As an important EU energy supplier, SOCAR plays a special role in the sustainable economic development of Europe.