Vitol, a Dutch energy and commodity trading company based in Switzerland, has agreed to acquire interests in oil and gas assets owned by Italian energy giant Eni in Cote d’Ivoire and the Republic of Congo for US$1.65 billion.

These assets include the Baleine project in Cote d’Ivoire, where Eni has a 77.25% stake and Vitol will acquire a 30% participating interest, and a liquefied natural gas ( LNG ) project in the Republic of Congo, where Eni has a 65% interest and Vitol will acquire a 25% share. 

The deals are subject to relevant regulatory approvals. 

Eni and Vitol are already partners in the OCTP ( Offshore Cape Three Points ) and Block 4 projects in Ghana, and this agreement further strengthens cooperation between the two companies in West Africa.

According to Eni, the transaction is in line with its strategy of optimizing upstream activities through portfolio rebalancing. This strategy provides for the early valorization of exploration discoveries through a reduction of its participation in them. 

Vitol has had an upstream presence in West Africa for many years. In addition, it has a portfolio of infrastructure and downstream investments. 

Baleine is Eni’s first project in Cote d’Ivoire and the first net-zero development in Africa. The giant Baleine field was discovered in 2021, 20 years after the last commercial discovery in the country. Production began in 2023.

Current production exceeds 60,000 barrels of oil equivalent per day, and with Phase 3, currently under study, total production is set to reach 150,000 barrels of oil and 200 million cubic feet of associated gas per day. The associated gas is entirely destined for the country.

The Congo LNG project started exporting in February 2024. It currently produces 1 billion cubic metres per year. When the second phase of the project, which will start at the end of 2025, becomes operationals, gas exports will rise to 4.5 BCM per year.