Eni and Vitol have reached an agreement under which Vitol will acquire interests in certain assets owned by Eni in Côte d’Ivoire and the Republic of Congo. The transaction, valued at USD 1.65 billion as of 1 January 2024, will be subject to standard cash adjustments at closing.
As part of the deal, Vitol will obtain interests in both oil and gas-producing assets, as well as blocks currently undergoing exploration, appraisal, and development. These include the Baleine project in Côte d’Ivoire, where Eni holds a 77.25 percent ownership interest, with Vitol set to acquire a 30 percent participating interest. Additionally, Vitol will acquire a 25 percent participating interest in the Congo LNG project in the Republic of Congo, where Eni currently holds a 65 percent stake. The two companies are already partners in the OCTP and Block 4 projects in Ghana, and this latest agreement further strengthens their collaboration in West Africa.
The transaction aligns with Eni’s strategy to optimise upstream activities by rebalancing its portfolio. Through its dual exploration model, Eni seeks to unlock value from exploration discoveries at an early stage by reducing its participation in them.
Vitol has maintained a strong upstream presence in West Africa for several years and holds a diverse portfolio of infrastructure and downstream-related investments.
The parties intend to finalise the agreements for the sale and purchase of the described interests as soon as practicable. Completion of the transaction remains subject to conditions precedent, including obtaining the necessary regulatory approvals.
For more information visit www.vitol.com
