Operated by Eni, with existing stakes held by commodity trader Vitol and national oil company Petroci, the Baleine development is already producing significant volumes of oil and gas. Production today exceeds 60,000 barrels of oil per day and more than 75 million cubic feet of gas daily, with expansion under Phase 3 expected to raise output toward 150,000 barrels per day of oil and 200 million cubic feet of gas – a transformative scale for the Ivorian sector.

The transaction aligns with Eni’s “dual exploration model,” which accelerates the monetization of discoveries by divesting minority stakes while keeping operatorship. It also builds on multiple memoranda of understanding signed between SOCAR and Eni in 2024 that focus on broader collaboration in energy, from hydrocarbons and biofuels to emissions reduction efforts.

For Ivory Coast, the deal underscores growing international confidence in its upstream potential. Baleine – first discovered in 2021 and brought online in record time – is the country’s flagship offshore field and the continent’s first major “net-zero” emissions upstream project in terms of Scope 1 and 2 emissions reductions. Alongside Baleine, operators including Eni are advancing exploration in adjacent deepwater blocks, with discoveries like Calao in Block CI-205 estimated to hold upwards of a billion barrels of oil equivalent, reinforcing the basin’s resource upside.

This new equity deal comes at a moment when investment activity across Africa’s oil and gas frontier is gaining momentum. Ivory Coast’s government has laid out ambitious energy goals – targeting hundreds of thousands of barrels of oil per day in production by the end of the decade and directing gas into domestic power and industrial usage – all underpinned by upstream growth and strategic partnerships.

The timing of the SOCAR–Eni agreement also aligns with the upcoming Invest in African Energy (IAE) Forum in Paris, where Ivory Coast is set to feature in a country spotlight session. The forum offers a pivotal stage to highlight these developments, bringing together government leaders, national oil companies, investors and technical experts to explore financing, technology transfer and partnership frameworks that can accelerate project delivery and economic impact across the continent.

The spotlight on Ivory Coast would provide an opportunity to showcase not only Baleine’s success but also the broader story of West African upstream potential, from rapid discovery-to-production timelines to multi-phase development plans. By facilitating dialogue around these themes, IAE 2026 helps translate headline oil and gas projects into deeper capital flows, technology partnerships and long-term industrial engagement.

As SOCAR moves to finalize its stake in Baleine, the deal sends a clear message: Africa’s oil and gas sectors remain dynamic and compelling for global energy investors, and platforms like the Paris forum play a vital role in shaping their next chapter.

IAE 2026 is an exclusive forum designed to connect African energy markets with global investors, serving as a key platform for deal-making in the lead-up to African Energy Week. Scheduled for April 22–23, 2026, in Paris, the event will provide delegates with two days of in-depth engagement with industry experts, project developers, investors and policymakers. For more information, visit www.invest-africa-energy.com. To sponsor or register as a delegate, please contact sales@energycapitalpower.com