Why the Baleine stake sale is generating debate

Eni finalised the transfer of 10% of the Baleine oil and gas project to Azerbaijan’s SOCAR on Wednesday, 16 September. Following the deal, Eni retains 37.25%, alongside Vitol with 30%, Petroci with 22.75% and SOCAR with 10%. The transaction marks SOCAR’s entry into Africa’s upstream oil and gas sector, a move that has prompted questions about what it means for Ivory Coast’s control over its resources.

What is behind the deal

The sale agreement was signed with Eni on 22 January 2026, and its completion depended on regulatory approvals and customary conditions. Baleine currently produces more than 57,000 barrels of oil and over 78 million cubic feet of gas per day through its first two phases. Eni expects a third phase to eventually lift output to 150,000 barrels of oil and 200 million cubic feet of gas per day.

How the project reached this point

Discovered in 2021, the offshore field began production in 2023. Eni, which has been active in Ivory Coast since 2015, describes Baleine as its first development in the country and the leading Ivorian offshore project.

What comes next for Ivory Coast

The entry of SOCAR raises questions about the balance of influence in Ivory Coast’s energy sector. While the deal brings a new international partner, it also fuels debate over how much control the country retains over its offshore resources. The coming months will show whether this partnership accelerates production growth or shifts the terms of the conversation around national energy sovereignty.