Energy and commodities company Vitol agreed to acquire interests in certain assets owned by Eni SPA in Cote d’Ivoire and the Republic of Congo for $1.65 billion.
Vitol will acquire an interest in both oil and gas producing assets and blocks undergoing exploration, appraisal, and development, the companies said in a joint release Mar. 19.
Through the deal, Vitol will acquire 30% of the Eni-operated (77.25%) Baleine project in Cote d’Ivoire. Baleine is Eni’s first development in Cote d’Ivoire, and the first net-zero development in Africa. The field was discovered in 2021, and production began in 2023 (OGJ Online, Aug. 28, 2023). Current production exceeds 60,000 boe/d. A third phase of development is being studied. If it proceeds, it could increase total production to 150,000 b/d of oil and 200 MMcf of associated gas.
Vitol also would acquire 25% of Eni’s 65% participating interest in the Congo LNG project in the Republic of Congo. The project began exporting LNG in February 2024. Congo LNG currently produces 1 billion cu m/year (bcmy) of LNG. The project’s second phase, expected to begin operations end-2025, will increase gas exports from Congo to 4.5 bcmy.
Eni and Vitol already partner in the Offshore Cape Three Points (OCTP) and Block 4 projects in Ghana (OGJ Online, Aug. 21, 2012).
Completion of the deal is subject to conditions precedent, including the obtaining of relevant regulatory approvals.