Italian energy group Eni has completed the sale of a 30 per cent stake sale in the Ivory Coast's Baleine offshore project to global commodity trader Vitol, it said in a statement on Thursday.
The Baleine project is now owned by Eni with 47.25 per cent, Vitol with 30 per cent, and Petroci with 22.75 per cent, and is the country’s main offshore development.
The Ivorian field was discovered in 2021 and now produces over 62,000 barrels of oil and more than 75 million cubic feet (2.6 billion cubic metres) of gas per day from Phases 1 and 2. With the launch of Phase 3, production is expected to rise to 150,000 barrels of oil and 200 million cubic feet (6.6 billion cubic metres) of gas per day.
According to Eni, the move fits into a strategy of optimising its upstream portfolio by accelerating the monetization of discoveries through the divestment of equity stakes, the so-called "dual exploration model."
(Reporting by Romolo Tosiani; Editing by Matt Scuffham)