Eni starts production at Baleine field in Côte d'Ivoire

Vitol to acquire stakes in Eni assets in West Africa for $1.65 billion

SAN DONATO MILANESE, March 19, 2025 – Vitol will acquire stakes in Eni‘s oil and gas assets in Côte d’Ivoire and Republic of Congo for USD 1.65 billion, the company said on Wednesday.

Vitol will take stakes in producing oil and gas assets as well as blocks under exploration, appraisal and development. This includes the Baleine project in Côte d’Ivoire, where Eni holds a 77.25% ownership interest and Vitol will acquire a 30% participating interest, and the Congo LNG project in the Republic of Congo, where Eni has a 65% participating interest and Vitol will acquire a 25% participating interest.

Eni and Vitol are already partners in the OCTP and Block 4 projects in Ghana, and this agreement further consolidates cooperation between the two companies in West Africa.

“This transaction aligns with Eni’s strategy to optimise upstream activities through a rebalancing of the portfolio that allows for early valorisation of exploration discoveries via a reduction in participations,” Eni said.

Vitol has maintained an upstream presence in West Africa for many years and also holds a portfolio of infrastructure and downstream-related investments.

“We are pleased to expand our strategic partnership with Eni in this region,” Vitol executive committee member Mike Muller said. “This acquisition aligns with our commitment to investing in high-quality assets that complement our existing portfolio.”

The parties aim to conclude agreements for the sale and purchase of the interests described above as soon as practicable. Completion will be subject to conditions precedent, including obtaining relevant regulatory approvals.

Vitol is a global energy and commodities company with a presence in over 40 countries, specialising in trading and distribution of crude oil, refined products, and natural gas.

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