SOCAR seals 10% of Baleine as Côte d’Ivoire’s offshore era shifts into high gear
SOCAR seals 10% of Baleine as Côte d’Ivoire’s offshore era shifts into high gear
The long-awaited completion of Eni’s 10% transfer to SOCAR has finally landed, marking a decisive turning point for Côte d’Ivoire’s Baleine field and the country’s entire upstream oil and gas landscape. The Azerbaijani giant now holds a firm foothold in African waters, while Eni keeps its 37.25% stake.
A breakthrough moment for Côte d’Ivoire’s upstream sector
After months of regulatory reviews and standard closing conditions, Eni wrapped up the sale of a 10% interest in the Baleine oil and gas project on Wednesday, September 16. The buyer: SOCAR, Azerbaijan’s state oil company. The move signals a major shift, as it opens the door for a new international player to take part in one of West Africa’s most closely watched offshore developments.
Following the transaction, Eni retains 37.25% of the project. Vitol holds 30%, Petroci — Côte d’Ivoire’s national oil company — controls 22.75%, and SOCAR now sits at 10%. The sale agreement had been signed with Eni back on January 22, 2026, but the deal only became effective once all regulatory approvals and customary conditions were met.
Production figures that underscore Baleine’s growing weight
Baleine is already delivering more than 57,000 barrels of oil per day and over 78 million cubic feet of gas per day from its first two phases. Eni expects a third phase to eventually push output to 150,000 barrels of oil and 200 million cubic feet of gas daily — a leap that would cement the field’s role as a cornerstone of Côte d’Ivoire’s energy output.
Discovered in 2021, the offshore deposit came onstream in 2023. Eni, which has been active in Côte d’Ivoire since 2015, describes Baleine as its first development in the country and the flagship offshore project for the nation.
What the stake shift means for Africa’s upstream map
SOCAR’s entry is a clear breakthrough into the African upstream segment, a market where the company had previously held no producing assets. For Côte d’Ivoire, the arrival of a new partner with deep pockets and global ambitions could accelerate future phases and reinforce the country’s standing as an emerging oil and gas player.
The deal also reshapes the balance among Baleine’s partners. With Eni still in the driver’s seat, Vitol and Petroci holding significant positions, and SOCAR now at the table, the project gains a broader international footprint without losing its core momentum.