Vitol has agreed to acquire interests in certain assets owned by Eni in Cote d’Ivoire and the Republic of Congo.
This acquisition, valued at $1.65bn as of 1 January 2024, includes standard cash adjustments at closing and involves both oil and gas assets.
Vitol will gain a 30% participating interest in the Baleine project in Cote d’Ivoire, where Eni holds a 77.25% ownership interest.
Additionally, Vitol will acquire a 25% participating interest in the Congo LNG project in the Republic of Congo, where Eni has a 65% stake.
This agreement further consolidates Eni and Vitol’s cooperation in West Africa. It aligns with Eni’s strategy to optimise upstream activities by rebalancing its portfolio and reducing participations in exploration discoveries.
Eni’s dual exploration model aims for the early valorisation of these discoveries.
Vitol, with a long-standing upstream presence in West Africa, also holds infrastructure and downstream investments in the region.
The parties aim to finalise the sale and purchase agreements as soon as practicable, subject to conditions precedent including obtaining relevant regulatory approvals.
Eni’s Baleine project in Cote d’Ivoire is notable as the first net-zero development in Africa, with production exceeding 60,000 barrels of oil equivalent per day.
The Baleine field, discovered in 2021, began production in 2023 and is expected to reach 150,000 barrels per day and 200 million cubic feet of associated gas with phase three.
The gas is designated for domestic use, supporting Cote d’Ivoire’s role as a regional energy hub.
In November 2024, Eni signed contracts with Côte d’Ivoire’s Ministry of Mines, Oil and Energy to acquire four new offshore exploration blocks.
These blocks, CI-504, CI-526, CI-706 and CI-708, cover approximately 5,720km² at water depths of 1,000–3,500m, enhancing Eni’s position in the region.
