BAKU, Azerbaijan, October 22.
The State Oil Company of Azerbaijan (SOCAR) and the Italian Eni
company have discussed opportunities to expand cooperation on joint
projects in third countries.
This was announced by the Azerbaijani Minister of Economy
Mikayil Jabbarov on his X account.
“During our working visit to Italy, we met with Claudio
Descalzi, Chief Executive Officer of Eni, and discussed
opportunities to further expand our partnership. The exchange
covered SOCAR’s participation in new initiatives with Eni and
opportunities to strengthen cooperation on joint projects in third
countries. We also reviewed the progress of the joint pilot project
for biofuel production in Azerbaijan and explored prospects for
cooperation in the energy transition and the exchange of
technological expertise,” the minister noted.
On September 26, SOCAR and Italian company Eni S.p.A. exchanged
a Protocol on the completion of the transaction under which SOCAR
acquired a 10% stake in the Baleine oil and gas field development
project in Côte d’Ivoire.
According to SOCAR, following the completion of the transaction,
the project partners' stakes are distributed as follows: Eni -
37.25%, Vitol - 30%, Côte d’Ivoire’s national oil and gas company
Petroci - 22.75%, and SOCAR - 10%.
Meanwhile, Eni said that the sale of its stake in the Baleine
project is in line with the Italian company's strategy to optimize
its upstream portfolio. The company seeks to accelerate the
monetization of exploration results through the sale of stakes in
projects.
Eni has been operating in Côte d’Ivoire since 2015. Baleine is
not only the company's first project for the development of a field
in the country, but it is also considered the first offshore oil
and gas project in Africa with zero emissions.
The Baleine field was discovered in 2021, approximately 20 years
after the last commercial discovery in Côte d’Ivoire, with
production commencing in 2023. Regarding the first and second
phases of the project, it has been reported that production levels
will exceed 57,000–62,000 barrels of oil and 75–78 million cubic
feet of gas per day. Following the launch of the third phase,
production is expected to reach 150,000 barrels of oil and 200
million cubic feet of gas per day.
Furthermore, in addition to Baleine, Eni has made discoveries at
the Calao and Calao South fields, where it serves as the operator
and holds a 90% participating interest. According to the company,
these fields rank among the largest discoveries in Côte d’Ivoire
since Baleine.
SOCAR previously said that acquiring a participating interest in
the Baleine project facilitates the company's entry into Africa's
oil and gas production sector and aligns with its long-term
strategy to expand its international operations in the field of
hydrocarbon exploration and production.
