SOCAR completes 10% Baleine acquisition as Eni retains 37.25%
Eni has finalized the transfer of a 10% stake in the Baleine oil and gas project to Azerbaijan’s SOCAR. The deal marks SOCAR’s debut in Africa’s upstream sector, while Eni keeps 37.25%.
On Wednesday, September 16, Eni closed the sale of a 10% interest in the Baleine oil and gas development offshore Côte d’Ivoire to SOCAR. Following the transaction, Eni holds 37.25%, alongside Vitol with 30%, Petroci with 22.75%, and SOCAR with 10%.
The move represents SOCAR’s first foray into Africa’s upstream oil and gas industry. The sale agreement was signed with Eni on January 22, 2026, and its completion depended on regulatory approvals and customary conditions.
Baleine currently produces over 57,000 barrels of oil and more than 78 million cubic feet of gas per day from its first two phases. Eni anticipates that a third phase will eventually lift output to 150,000 barrels of oil and 200 million cubic feet of gas per day.
Discovered in 2021, the offshore field began production in 2023. Eni, active in Côte d’Ivoire since 2015, describes Baleine as its first development in the country and the leading Ivorian offshore project.
