Eni sells 10% stake in Côte d’Ivoire mega-project to Azerbaijan's SOCAR

Azerbaijan’s SOCAR picks up 10% stake in Côte d’Ivoire mega-project

Côte d’Ivoire

ABIDJAN, January 22, 2026 – Eni has signed a binding agreement to sell a 10% stake in Côte d’Ivoire’s Baleine offshore mega-project to Azerbaijan’s SOCAR, the company said on Monday.

The deal marks SOCAR’s first upstream investment in West Africa and the first known equity investment by an Azerbaijani company in Côte d’Ivoire’s energy sector.

The transaction supports Eni’s “dual exploration model” strategy, which aims to monetise exploration finds through equity divestments. Baleine is operated by Eni with a 47.25% stake, alongside Vitol (30%) and Côte d’Ivoire’s state-owned Petroci (22.75%).

The deal builds on previous co-operation agreements between Eni and SOCAR, including three memoranda of understanding signed in 2024 to enhance collaboration on hydrocarbons, emissions reduction and biofuels. For SOCAR, the acquisition represents a strategic expansion beyond its traditional operating areas in the Caspian Basin, the eastern Mediterranean and Europe.

Baleine is Côte d’Ivoire’s largest hydrocarbons discovery and the country’s first development with net-zero Scope 1 and 2 emissions. Discovered in 2021, the project was brought on stream in 2023 using a fast-track development approach with upgraded floating production units. It currently produces more than 62,000 barrels of oil and 2.12 mcm (75 mcf) of gas per day, with output expected to reach 150,000 barrels of oil and 5.66 mcm (200 mcf) of gas per day following the launch of Phase 3.

The sale is subject to regulatory approvals and standard closing conditions.

Eni is a global energy company headquartered in Italy and active in 62 countries. It is engaged in the exploration, development and production of hydrocarbons, as well as power generation, refining, chemicals and renewables. In Côte d’Ivoire, Eni entered in 2015, with Baleine representing its flagship development, holding an estimated 2.5 billion barrels of oil in place and around 22,000 boepd of equity production.

Photo courtesy of Eni

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