Abu dhabi: SOCAR has announced the signing of an agreement to acquire a 10% participating interest in the Baleine oil and gas field development project located offshore C´te d'Ivoire. This significant development was confirmed by SOCAR to APA-Economics.

According to Azeri-Press News Agency, 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. This transaction marks SOCAR's strategic entry into Africa's extensive oil and gas sector and is aligned with its global expansion goals.

Furthermore, the deal is part of a broader strategic partnership between SOCAR and Eni S.p.A., covering multiple segments of the energy industry. However, the completion of the transaction is contingent upon receiving necessary approvals from regulatory authorities and fulfilling customary terms and conditions.

The Baleine field, discovered in 2021, is one of the largest oil and gas finds in West Africa in recent years. Production began in 2023, and the field currently outputs over 62,000 barrels of oil and more than 75 million cubic feet (approximately 2.1 million cubic meters) of gas daily from Phases 1 and 2. With Phase 3 on the horizon, production is anticipated to increase to 150,000 barrels of oil and 200 million cubic feet (approximately 5.7 million cubic meters) of gas per day.

Notably, the Baleine project is Africa's first net-zero emissions offshore oil and gas endeavor.