SOCAR’s 10% stake in Baleine: what the deal means for Côte d’Ivoire’s oil future
Eni has completed the sale of a 10% interest in the Baleine oil and gas project to Azerbaijan’s SOCAR. The move marks SOCAR’s first foray into Africa’s upstream sector, while Eni retains 37.25%. The deal has sparked debate about what comes next for Côte d’Ivoire’s energy ambitions.
Eni completes long-awaited Baleine stake sale to SOCAR
On Wednesday, September 16, Eni finalized the transfer of a 10% interest in the Baleine oil and gas development offshore Côte d’Ivoire to Azerbaijan’s SOCAR. Following the transaction, Eni holds 37.25%, alongside Vitol at 30%, Petroci at 22.75%, and SOCAR at 10%.
What the entry of SOCAR means for Africa’s upstream sector
The deal represents SOCAR’s first step into Africa’s upstream oil and gas industry. The sale agreement was signed with Eni on January 22, 2026, and its completion depended on regulatory approvals and customary conditions.
Baleine’s current output and the road to 150,000 barrels per day
The Baleine field currently produces over 57,000 barrels of oil and more than 78 million cubic feet of gas per day from its first two phases. Eni expects a third phase to eventually lift output to 150,000 barrels of oil and 200 million cubic feet of gas per day.
From discovery to production: the Baleine timeline
Discovered in 2021, the offshore deposit began producing in 2023. Eni, which has been active in Côte d’Ivoire since 2015, describes Baleine as its first development in the country and the flagship Ivorian offshore project.
What happens next for Côte d’Ivoire’s energy sector
With SOCAR now on board, attention turns to how the partnership will influence future phases and whether the project can meet its ambitious production targets. The deal also raises questions about the broader impact on Côte d’Ivoire’s oil and gas industry and its economy.