Eni has finalized the sale of a 30% stake in Côte d’Ivoire’s Baleine project to Vitol, the company confirmed. Following the transaction, the ownership of the country’s flagship offshore development will be divided between Eni (47.25%), Vitol (30%), and state-owned Petroci (22.75%).

The deal supports Eni’s “dual exploration model,” which focuses on accelerating the monetization of discoveries through partial divestments while retaining operatorship. The move also builds on Eni and Vitol’s partnership in Ghana, where they jointly participate in the OCTP and Block 4 projects.

Discovered in 2021, Baleine marked Côte d’Ivoire’s first major commercial oil and gas find in two decades and became Africa’s first net-zero development. Production began in 2023, only two years after discovery. Current output from Phases 1 and 2 exceeds 62,000 barrels of oil per day (bbl/d) and 75 million cubic feet of gas per day (mmcf/d). Output is expected to reach 150,000 bbl/d and 200 mmcf/d day after commencing Phase 3, significantly boosting domestic energy supply.

Eni has been active in Côte d’Ivoire since 2015, while Vitol has maintained a longstanding upstream presence across West Africa. Dual Exploration Model has been applied in major projects such as Egypt’s Zohr field, where Eni sold stakes to bp, Rosneft and Mubadala, as well as Mozambique’s Area 4, where ExxonMobil came on board. Since 2013, the approach has generated billions in proceeds and enabled fast-tracked developments, making it central to Eni’s upstream growth strategy.