Published by Global Banking & Finance Review®
Posted on September 25, 2025
1 min readLast updated: January 21, 2026
Add as preferred source on GoogleEni sells a 30% stake in the Baleine project to Vitol, enhancing its upstream strategy. The project is a key offshore development in Ivory Coast.
-Italian energy group Eni has completed the sale of a 30% stake sale in the Ivory Coast's Baleine offshore project to global commodity trader Vitol, it said in a statement on Thursday.
The Baleine project is now owned by Eni with 47.25%, Vitol with 30%, and Petroci with 22.75%, and is the country’s main offshore development.
The Ivorian field was discovered in 2021 and now produces over 62.000 barrels of oil and more than 75 million cubic feet of gas per day from Phases 1 and 2. With the launch of Phase 3, production is expected to rise to 150,000 barrels of oil and 200 million cubic feet of gas per day.
According to Eni, the move fits into a strategy of optimising its upstream portfolio by accelerating the monetization of discoveries through the divestment of equity stakes, the so-called "dual exploration model."
(Reporting by Romolo Tosiani; Editing by Matt Scuffham)
Equity refers to the ownership value in an asset or business, representing the amount of money that would be returned to shareholders if all assets were liquidated and all debts paid.
Oil and gas production involves extracting crude oil and natural gas from the earth, which are then refined and processed for use in various industries and energy generation.
Investment portfolios are collections of financial assets such as stocks, bonds, and other securities owned by an individual or institution, aimed at achieving specific financial goals.
An upstream portfolio strategy focuses on the exploration and production of oil and gas resources, aiming to optimize asset value through strategic investments and divestments.
Sustainability in finance refers to investment practices that consider environmental, social, and governance (ESG) factors, aiming to create long-term value while minimizing negative impacts on society and the environment.
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