SOCAR completed the purchase of a 10% stake in the Baleine oil and gas project in Côte d'Ivoire

The State Oil Company of Azerbaijan (SOCAR) has completed the acquisition of a 10% stake in the offshore oil and gas field development project Baleine in Côte d'Ivoire.

As reported by BAKU.WS with reference to SOCAR, the deal with Italy's Eni S.p.A. has been closed after obtaining all necessary approvals and fulfilling the stipulated conditions.

Following the completion of the deal, the project participants' shares are distributed as follows: Eni - 37.25%, Vitol - 30%, Petroci - 22.75%, and SOCAR - 10%.

The company noted that the acquisition of a stake in Baleine will allow SOCAR to enter the oil and gas exploration and production market in Africa and is in line with its long-term strategy of expanding international operations in this sector.

The Baleine field was discovered in 2021 and is considered one of the largest oil and gas discoveries in recent years in West Africa. Production commenced in 2023. According to SOCAR, Baleine is the first net-zero emissions offshore oil and gas project in Africa.