Davos: SOCAR has signed an agreement with Eni S.p.A. to acquire a 10% participating interest in the development project of the Baleine oil and gas field located offshore C´te d'Ivoire. The agreement was formalized between SOCAR President Rovshan Najaf and Eni S.p.A. CEO Claudio Descalzi during the World Economic Forum Annual Meeting 2026.

According to Azerbaijan State News Agency, this transaction represents SOCAR's entry into Africa's expansive oil and gas sector and aligns with the company's global expansion strategy. The collaboration also marks a strategic partnership between SOCAR and Eni S.p.A. across multiple segments of the energy industry.

The completion of this agreement is contingent upon obtaining necessary approvals from regulatory authorities and fulfilling customary terms and conditions. The Baleine oil and gas field, discovered in 2021 and producing since 2023, is among the largest finds in West Africa in recent years.

Currently, the Baleine field produces over 62,000 barrels of oil and more than 75 million cubic feet of gas daily from Phases 1 and 2 of its development. With Phase 3, production is expected to increase to 150,000 barrels of oil and 200 million cubic feet of gas per day. Notably, Baleine is recognized as Africa's first net-zero emissions offshore oil and gas project.