Eni Sells 10% Stake in Ivory Coast's Baleine Offshore Project to SOCAR

MT Newswires Live

01/22

Eni (E) said Thursday that it has agreed to sell a 10% stake in the Baleine Project, Ivory Coast's main offshore oil and gas development, to SOCAR, Azerbaijan's state oil company.

The company said it operates the project alongside partners Vitol and Petroci.

Eni said the deal supports its strategy of monetizing exploration discoveries by selling equity stakes under its 'dual exploration model'.

The transaction is subject to regulatory approvals and customary closing conditions, the company added.

Financial terms of the deal were not disclosed.

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