SOCAR has signed an agreement with Eni S.p.A. to acquire a 10% participating interest in the development project of the Baleine oil and gas field located offshore Côte d’Ivoire.

The Agreement was signed between SOCAR President Rovshan Najaf and Eni S.p.A. CEO Claudio Descalzi on the sidelines of the World Economic Forum Annual Meeting 2026.

This transaction represents SOCAR’s entry to Africa’s vast oil and gas resources and aligns strategically with SOCAR’s global expansion vision.

The transaction also forms part of a broader strategic collaboration between SOCAR and Eni S.p.A across various segments of the energy industry.

The implementation of this agreement and the closing of the transaction are subject to obtaining the necessary approvals from relevant regulatory authorities, as well as the fulfillment of other customary terms and conditions.

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 field currently produces over 62,000 barrels of oil and more than 75 million cubic feet (approximately 2.1 million cubic meters) of gas per day from Phases 1 and 2 of its development. With the launch of Phase 3, production is expected to rise to 150,000 barrels of oil and 200 million cubic feet (approximately 5.7 million cubic meters) of gas per day.

It is particularly noteworthy that Baleine is Africa’s first net-zero emissions offshore oil and gas project.

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.

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.