Industry and Energy

Home page

Industry and Energy

SOCAR completes acquisition of 10% interest in Baleine project

16 September 2026 16:49 (UTC +04:00)

SOCAR has completed the acquisition of a 10% ownership interest from Italy’s Eni S.p.A. in the Baleine oil and gas field development project in the Republic of Côte d’Ivoire, APA-Economics reports, citing SOCAR.

The transaction has been finalized following the receipt of all required approvals and satisfaction of the necessary conditions.

Following completion of the transaction, the ownership interests in the Baleine project are held by Eni (37.25%), Vitol (30%), Petroci (22.75%), and SOCAR (10%).

The acquisition marks SOCAR’s entry into Africa’s upstream sector and underscores the company’s long-term strategy to expand its global upstream footprint.

Discovered in 2021, Baleine is considered one of the largest oil and gas discoveries made in West Africa over the recent period. The giant offshore oil and gas field was discovered in 2021, with production commencing in 2023.

Baleine is also Africa’s first net-zero emissions offshore oil and gas project.

APA-Economics

SOCAR Azerbaijan Eni Baleine oil and gas field Côte d’Ivoire Africa oil and gas upstream sector acquisition 10% stake offshore production energy investment Vitol Petroci net-zero emissions