Eni closed the sale of a 10% interest in the Baleine oil and gas development in Côte d’Ivoire to Azerbaijan’s SOCAR on Wednesday, September 16. Following the completion, Eni retains 37.25% of the project, alongside Vitol at 30%, Petroci at 22.75%, and SOCAR at 10%.

The deal’s roots: from a January signature to a September close

The transaction marks SOCAR’s first entry into Africa’s upstream oil and gas sector. The sale agreement had been signed with Eni on January 22, 2026, and its completion remained contingent on regulatory approvals and customary conditions. That gap between signature and closing explains much of the quiet build-up around the deal: it was never a sudden move, but a carefully sequenced transfer of rights.

What the shareholding structure reveals

• Eni — 37.25%, keeping its role as operator
• Vitol — 30%
• Petroci — 22.75%
• SOCAR — 10%, a first for the Azerbaijani group in African upstream

Production today and the third-phase ambition

Baleine currently produces more than 57,000 barrels of oil and over 78 million cubic feet of gas per day through its first two phases. Eni expects a third phase to 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 producing in 2023. Eni, present in Côte d’Ivoire since 2015, describes Baleine as its first development in the country and the flagship Ivorian offshore project.

Why this matters beyond the numbers

The entry of SOCAR is not merely a financial transaction. It reflects a broader dynamic in Côte d’Ivoire’s energy sector: the gradual diversification of partners in a field that has become a symbol of the country’s hydrocarbon ambitions. For Eni, retaining 37.25% while bringing in a new partner allows it to share risk and capital expenditure ahead of the costly third phase.

The strategic context behind the cession

The timing of the January 2026 agreement and the September closing suggests a methodical approach, with regulatory clearances shaping the pace. For SOCAR, the stake offers a foothold in a fast-developing African offshore basin. For Côte d’Ivoire, it adds another international player to a project already backed by Vitol and Petroci, potentially strengthening the field’s long-term financing and operational depth.

What remains to be seen is how the third phase unfolds and whether Baleine’s output trajectory will match the projections. But the structural shift is already visible: the project’s ownership map has changed, and with it, the balance of influence in one of West Africa’s most closely watched offshore developments.