(Adnkronos) – Dutch multinational Vitol will acquire a stake in Eni-owned oil and gas producing assets in Ivory Coast and the Republic of Congo for an aggregate value of 1.65 billion dollars at 1 January 2024, with cash adjustment at closing, the Italian major said Wednesday in a statement.
Swiss-based Vitol will also acquire an interest in blocks undergoing exploration, appraisal and development, according to the statement.
Projects covered by the deal include the Baleine project in Ivory Coast, where Eni has a 77.25% ownership interest and Vitol will acquire a 30% stake, and the Congo LNG project in the Republic of Congo, where Eni holds a 65% stake and Vitol will acquire a 25% participating interest
Eni and Vitol are already partners in the OCTP and Block 4 projects in Ghana, and this agreement further consolidates cooperation between the two companies in West Africa, said the statement.
Baleine is Eni’s first development in Ivory Coast and the first net-zero development in Africa Current output exceeds 60,000 barrels of oil per day with total production is set to reach 150,000 boe/d and 200 million cubic feet of associated gas. The gas is entirely destined for Cote d’Ivoire, strengthening its role as a regional energy hub, the statement said.
Congo LNG project began exporting liquefied gas in February last year, contributing to the global energy market and putting he Republic of Congo among LNG exporting countries, the statement noted.
Congo LNG currently produces 1 billion cubic metres of gas LNG annually and gas exports will rise to 4.5 BCM per year at the end of 2025 with the second phase of the project, the statement concluded.
