The State Oil Company of the Republic of Azerbaijan (SOCAR) has entered Africa’s offshore energy realm by acquiring a stake in an oil and gas field development off the coast of Côte d’Ivoire.
SOCAR has wrapped up the acquisition of a 10% ownership interest in the Baleine oil and gas field development project in the Republic of Côte d’Ivoire, following the receipt of all required approvals and satisfaction of the necessary conditions.
The company highlighted: “Our participation in Baleine, one of the largest oil and gas discoveries made in West Africa in recent years, marks an important step in our long-term strategy to diversify our investment portfolio and expand the geographical reach of our international operations.”
The Eni-operated Baleine oil and gas field, which was discovered in 2021, started production in 2023 and is described as Africa’s first net-zero emissions offshore oil and gas project by its operator. Following completion of the transaction, the ownership interests in the Baleine project are held by Eni (37.25%), Vitol (30%), Petroci (22.75%), and SOCAR (10%).
Eni tapped Altera Infrastructure to supply an FPSO for the Baleine Phase 3 development offshore Côte d’Ivoire, after a final investment decision (FID) in May 2026, building on Altera’s delivery of Baleine Phase 2, where the company redeployed and now operates the FPSO Petrojarl Kong and the FSO Yamoussoukro.
The new FPSO, which will be constructed in China by Wison New Energies, will be capable of producing 90,000 barrels of oil per day, processing 160 million cubic feet of gas per day, and storing up to 1.4 million barrels of crude oil.
This acquisition marks SOCAR’s entry into Africa’s upstream sector and underscores the company’s long-term strategy to expand its global upstream footprint, as demonstrated by the recent augmentation of its stake in an oilfield in the Caspian Sea by buying Itochu Corporation’s participating interest, as the Japanese trading and investment conglomerate exits the project.
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