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 has been finalized following the receipt of all required approvals and satisfaction of the necessary conditions.

Following completion of the transaction, the 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 to expand its global upstream footprint.

Discovered in 2021, Baleine is considered one of the largest oil and gas discoveries made in West Africa over the recent period. 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.

About SOCAR

SOCAR, a global energy company headquartered in Azerbaijan, specializes in the extraction, processing, and distribution of energy resources. As the largest integrated energy enterprise in the South Caucasus, SOCAR has a significant international presence, reflecting its important role across global energy markets.

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.