- Eni and Vitol have reached an agreement for Vitol to acquire interests in certain Eni assets in Cote d’Ivoire and the Republic of Congo for USD1.65 billion, effective January 1, 2024.
- The acquisition includes oil and gas producing assets and exploration blocks, with Vitol acquiring a 30% interest in the Baleine project in Cote d’Ivoire and a 25% interest in the Congo LNG project.
- Eni retains a 77.25% stake in the Baleine project and a 65% stake in the Congo LNG project.
- This deal enhances the existing partnership between Eni and Vitol in the OCTP and Block 4 projects in Ghana.
- The transaction aligns with Eni's strategy of optimizing its upstream portfolio by reducing participation in certain projects.
- Vitol has an established upstream presence in West Africa along with a portfolio of infrastructure and downstream investments.
- The sale and purchase agreements will be finalized promptly, subject to regulatory approval.
- The Baleine project is significant as Eni's first development in Cote d’Ivoire and Africa's first net-zero development.
- The Baleine field began production in 2023, exceeding 60,000 barrels of oil equivalent per day, with plans to increase to 150,000 barrels per day.
- The associated gas production supports local energy access, positioning Cote d’Ivoire as a regional energy hub.
- The Congo LNG project started exporting liquefied gas in February 2024, contributing to the global energy market.
- Current production from Congo LNG stands at 1 billion cubic meters per year, projected to rise to 4.5 billion by the end of 2025.
Eni and Vitol to strengthen collaboration in West Africa
19 March 2025 - 8:00 AM CET
San Donato Milanese (Milan), 19 March 2025 – Eni and Vitol have agreed that Vitol will acquire interests in certain assets owned by Eni in Cote d’Ivoire and the Republic of Congo for an aggregate consideration of USD1.65 billion at 1 January 2024, with standard cash adjustment at closing.
Vitol will acquire an interest in both oil and gas producing assets and blocks undergoing exploration, appraisal and development. These include the Baleine project in Cote d’Ivoire, where Eni has a 77,25% ownership interest and Vitol will acquire a 30% participating interest, and Congo LNG project in the Republic of Congo, where Eni has a 65% participating interest and Vitol will acquire a 25% participating interest. Eni and Vitol are already partners in the OCTP and Block 4 projects in Ghana, and this agreement further consolidates cooperation between the two companies in West Africa.
This transaction is in line with Eni's strategy aimed at optimizing upstream activities, through a rebalancing of the portfolio that provides for the early valorization of exploration discoveries through a reduction of participations in them (the so-called dual exploration model).
Vitol has had an upstream presence in West Africa region for many years. In addition, it has a portfolio of infrastructure and downstream related investments.
The parties will look to conclude the agreements for the sale and purchase of the interests described above as soon as practicable. Completion will be subject to conditions precedent, including the obtaining of relevant regulatory approvals.
Note to editors:
Baleine is Eni’s first development in Cote d’Ivoire, and the first net-zero development in Africa. The giant Baleine field was discovered in in 2021, 20 years after the last commercial discovery in the country; production began in record time, in 2023. Current production exceeds 60,000boe/d; with Phase 3, currently under study, total production is set to reach 150,000 barrels of oil per day and 200 million cubic feet of associated gas. The associated gas is entirely destined for the country, thus supporting access to energy and strengthening the role of Cote d’Ivoire as a regional energy hub. This is the first Net-Zero development in Africa, and includes a wide range of initiatives to offset emissions.
Congo LNG project has started exporting liquefied gas in February 2024, contributing to the global energy market and including the Republic of Congo among LNG exporting countries. Congo LNG currently produces 1 BCM per year of LNG; with the second phase of the project, which will start at the end of 2025, gas exports from Congo will rise to 4.5 billion cubic meters per year.