Eni to Sell Stakes in West African Oil and Gas Assets to Vitol for $1.65B

Vitol will acquire interests in certain assets owned by Eni, including including the Baleine project in Cote d’Ivoire and Congo LNG project in the Republic of Congo, for $1.65 billion.

According to the agreement between the parties, Vitol will acquire an interest in both oil and gas producing assets and blocks undergoing exploration, appraisal and development.

These include the Baleine project in Cote d’Ivoire, where Eni has a 77.25% ownership interest and Vitol will acquire a 30% participating interest, and Congo LNG project in the Republic of Congo, where Eni has a 65% participating interest and Vitol will acquire a 25% participating interest.

Eni and Vitol are already partners in the OCTP and Block 4 projects in Ghana, and this agreement further consolidates cooperation between the two companies in West Africa.

Baleine is Eni’s first development in Cote d’Ivoire, and the first net-zero development in Africa.

The giant Baleine field was discovered in in 2021, 20 years after the last commercial discovery in the country. Production began in 2023. Current production exceeds 60,000boe/d, according to Eni. With Phase 3, currently under study, total production is set to reach 150,000 barrels of oil per day and 200 million cubic feet of associated gas.

Congo LNG project has started exporting liquefied gas in February 2024. It currently produces 1 BCM per year of LNG, with the second phase of the project, which will start at the end of 2025, gas exports from Congo will rise to 4.5 billion cubic meters per year.

• Eni Starts Up Baleine's Second Phase, Boosting Production Offshore Côte d'Ivoire
• First Gas Starts Flowing into Tango FLNG in Congo

The transaction is in line with Eni's strategy aimed at optimizing upstream activities, through a rebalancing of the portfolio that provides for the early valorization of exploration discoveries through a reduction of participations in them (the so-called dual exploration model).

The parties will look to conclude the agreements for the sale and purchase of the interests described above as soon as practicable. Completion will be subject to conditions precedent, including the obtaining of relevant regulatory approvals.