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SOCAR acquires stake in one of Africa's largest oil and gas fields
Azerbaijan's State Oil Company SOCAR has acquired a 10% stake in one of Africa's largest offshore oil and gas fields.
As reported to BAKU.WS by SOCAR, the company signed an agreement with Italian Eni S.p.A. to acquire a 10-percent participating interest in the development project of the Baleine oil and gas field in Côte d'Ivoire.
The document was signed at the World Economic Forum in Davos, Switzerland, by SOCAR President Rovshan Najaf and Eni Chief Executive Officer Claudio Descalzi.
"The agreement fully aligns with SOCAR's global expansion strategy and provides the company access to the rich oil and gas resources of the African continent. The document is also part of a broader strategic cooperation between SOCAR and Eni across various segments of the energy industry," - reported the State Oil Company.
The implementation of the deal and its final closure depend on approvals from the relevant regulatory authorities and other standard conditions.
The Baleine field is considered one of the largest oil and gas discoveries in West Africa in recent years. It was discovered in 2021, and commercial production began in 2023.
Currently, under the first and second phases of development, the field produces over 62,000 barrels of oil and more than 2.1 million cubic meters of gas daily. After the third phase is commissioned, daily production is planned at 150,000 barrels of oil and about 5.7 million cubic meters of gas.
It is separately emphasized that Baleine is Africa's first offshore oil and gas project with net zero emissions.
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