Abu dhabi: SOCAR has successfully completed the acquisition of a 10% ownership interest from Italy's Eni S.p.A. in the Baleine oil and gas field development project in the Republic of C´te d'Ivoire. The transaction was finalized after obtaining all necessary approvals and meeting required conditions.

According to Azerbaijan State News Agency, with this acquisition, the ownership distribution in the Baleine project now stands at Eni holding 37.25%, Vitol with 30%, Petroci at 22.75%, and SOCAR at 10%. This move marks SOCAR's entry into Africa's upstream sector, aligning with the company's strategy to expand its global upstream presence.

The Baleine oil and gas field, discovered in 2021, is recognized as one of the largest discoveries in West Africa in recent years. Production at this significant offshore field commenced in 2023. Notably, Baleine is Africa's first offshore oil and gas project to achieve net-zero emissions, setting a precedent in the industry.