Eni To Farmout 10% Interest of Baleine Offshore Project To Socar

Italy’s oil major ENI (BIT:ENI) has farmed out 10% of its interest in the 65,000 b/d Baleine offshore project in Ivory Coast to Azerbaijan’s state oil firm Socar for an undisclosed fee, with its previous 30% divestment to Vitol assessed at $1.65 billion.

Eni signed a binding agreement with SOCAR, the State Oil Company of the Republic of Azerbaijan, for the sale of a 10% stake in the Baleine Project - the Ivorian main offshore development operated by Eni (47.25%), and participated by Vitol (30%) and Petroci (22.75%).

The transaction aligns with Eni's strategy of optimizing its upstream portfolio by accelerating the monetization of exploration discoveries through the divestment of equity stakes, a model known as the "dual exploration model."

The agreement is consistent with the broader collaboration between Eni and SOCAR. In 2024, the companies signed three Memoranda of Understanding (MoUs) focused on energy security- aiming to expand cooperation on hydrocarbon exploration and production- as well as greenhouse gas emissions reduction and the biofuel production chain.