Ivory Coast’s Baleine field hits a turning point as SOCAR seals 10% stake

A decisive shift in Ivory Coast’s offshore landscape

The Baleine oil and gas project in Ivory Coast has entered a new chapter. On Wednesday, September 16, Eni completed the transfer of a 10% stake in the offshore development to Azerbaijan’s SOCAR, marking a turning point for both the project and the broader West African upstream sector.

With the deal finalized, Eni retains 37.25% of Baleine, while Vitol holds 30%, Petroci controls 22.75%, and SOCAR now owns 10%. The transaction had been agreed with Eni on January 22, 2026, but remained pending until regulatory approvals and customary conditions were satisfied.

What the stake sale means for SOCAR and Eni

For SOCAR, the acquisition represents its first foray into Africa’s upstream oil and gas industry. For Eni, which has been active in Ivory Coast since 2015, the move aligns with its strategy of optimizing its portfolio while maintaining a leading role in the country’s flagship offshore project.

Baleine, discovered in 2021, began production in 2023 and is described by Eni as its first development in Ivory Coast and the nation’s principal offshore venture. The field is currently producing more than 57,000 barrels of oil per day and over 78 million cubic feet of gas per day from its first two phases.

Production targets and future phases

A third phase is planned that would eventually lift output to 150,000 barrels of oil and 200 million cubic feet of gas per day. The completion of the SOCAR deal adds fresh momentum to these ambitions, reinforcing Baleine’s role as a cornerstone of Ivory Coast’s energy future.