SOCAR acquires 10% stake in Baleine Oil and Gas Field Development Project

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 Côte d’Ivoire.

The Agreement was signed between SOCAR President Rovshan Najaf and Eni S.p.A. CEO Claudio Descalzi on the sidelines of the World Economic Forum Annual Meeting 2026.

his transaction represents SOCAR’s entry to Africa’s vast oil and gas resources and aligns strategically with SOCAR’s global expansion vision.

The transaction also forms part of a broader strategic collaboration between SOCAR and Eni S.p.A across various segments of the energy industry.

The implementation of this agreement and the closing of the transaction are subject to obtaining the necessary approvals from relevant regulatory authorities, as well as the fulfillment of other customary terms and conditions.

Baleine is considered one of the largest oil and gas discoveries made in West Africa in recent years. The giant offshore oil and gas field was discovered in 2021, with production commencing in 2023.

Baleine field currently produces over 62,000 barrels of oil and more than 75 million cubic feet (approximately 2.1 million cubic meters) of gas per day from Phases 1 and 2 of its development. With the launch of Phase 3, production is expected to rise to 150,000 barrels of oil and 200 million cubic feet (approximately 5.7 million cubic meters) of gas per day.

It is particularly noteworthy that Baleine is Africa’s first net-zero emissions offshore oil and gas project.