Vitol has agreed to acquire a $1.65 billion stake in Eni’s assets, including the Baleine project in Côte d’Ivoire and the Congo LNG project in the Republic of Congo.
The deal encompasses both producing oil and gas assets as well as exploration, appraisal, and development-stage blocks.
Under the agreement, Vitol will acquire:
- 30% of the Baleine project in Côte d’Ivoire, where Eni currently holds 77.25%.
- 25% of the Congo LNG project in the Republic of Congo, where Eni holds 65%.
This acquisition strengthens the partnership between Vitol and Eni in West Africa, building on their existing collaborations in Ghana’s OCTP and Block 4 projects.
Baleine Project and Congo LNG Expansion
- Baleine is Eni’s first development in Côte d’Ivoire and Africa’s first net-zero project. Discovered in 2021, the field began production in 2023, currently producing over 60,000 barrels of oil equivalent per day (boe/d). With Phase 3 under review, production is expected to increase to 150,000 boe/d and 200 million cubic feet of associated gas.
- Congo LNG began exporting liquefied natural gas (LNG) in February 2024 and is producing 1 billion cubic meters (BCM) annually. With the second phase launching by late 2025, exports will increase to 4.5 BCM per year.
This deal supports Eni’s strategy to optimize its upstream portfolio by monetizing exploration discoveries early through reduced stakes. The acquisition is in line with Vitol’s expansion strategy in key energy sectors.
Both parties aim to finalize sale and purchase agreements as soon as possible, subject to regulatory approvals and other conditions.
