Azerbaijani energy giant enters Africa with stake in Baleine offshore project

The State Oil Company of Azerbaijan (SOCAR) has signed an agreement with the Italian company Eni S.p.A. to acquire a 10 per cent stake in the Baleine oil and gas field development project in Côte d’Ivoire, SOCAR told Caliber.Az.

The document was signed at the World Economic Forum in Davos by SOCAR President Rovshan Najaf and Eni S.p.A. Chief Executive Officer Claudio Descalzi.

The agreement, in addition to providing SOCAR access to the rich oil and gas resources of the African continent, fully aligns with the company’s global expansion strategy and is part of strategic cooperation between SOCAR and Eni S.p.A. across various segments of the energy sector.

Notably, Baleine is considered one of the largest oil and gas fields discovered in West Africa in recent years. The major offshore oil and gas field was discovered in 2021, and production began in 2023.

Currently, in the first and second phases of development, more than 62,000 barrels of oil and over 2.1 million cubic meters of gas are produced daily from Baleine. With the launch of the third phase, daily production is planned to reach 150,000 barrels of oil and approximately 5.7 million cubic meters of gas. Baleine is the first offshore oil and gas project in Africa with zero emissions.

By Khagan Isayev