Azerbaijan's state oil company enters Africa with Baleine stake PHOTO

Azerbaijan’s state oil company SOCAR has completed the acquisition of a 10% stake in the Baleine oil and gas field development project in Côte d’Ivoire from Italy’s Eni, marking its entry into Africa’s upstream energy sector.

The transaction was finalised after all required approvals were obtained and the necessary conditions were met, SOCAR said, Caliber.Az reports. 

Following the deal, Eni holds a 37.25% interest in the project, while Vitol owns 30%, Côte d’Ivoire’s Petroci has 22.75% and SOCAR holds the remaining 10%.

The acquisition is part of SOCAR’s long-term strategy to expand its international upstream operations and increase its presence in global oil and gas projects.

The Baleine field was discovered offshore Côte d’Ivoire in 2021 and is considered one of the largest oil and gas discoveries in West Africa in recent years. Production began in 2023.

Baleine is also described as Africa’s first offshore oil and gas project designed to achieve net-zero emissions.

By Sabina Mammadli