Vitol also holds infrastructure and downstream investments alongside its upstream presence in West Africa. (Source: Shutterstock/ Vitol)
Vitol is strengthening its upstream presence in West Africa with the acquisition of oil and gas E&P assets in Cote d’Ivoire and the Republic of Congo from Italy’s Eni for an aggregate consideration of US$1.65 billion, the companies announced March 19.
Vitol is entering into the Cote d’Ivoire Baleine project where Eni holds a 77.25% operating interest. Vitol will acquire a 30% participating interest as part of the deal.
Baleine was discovered in 2021 and production began in 2023. Current production is more than 60,000 boe/d and Phase 3, which is currently under study, is expected to hit 150,000 bbl/d and 200 MMcf of associated gas. It is the first net-zero development in Africa.
Vitol is also acquiring a 25% participating interest in the Republic of Congo’s Congo LNG project. Eni currently has a 65% participating interest. The project currently produces 1 Bcm per year of LNG. Phase 2 is expected to bring production to 4.5 Bcm per year.
The deal adds to a partnership between Vitol and Eni. The companies are already partners in Ghana in the Offshore Cape Three Points, a natural gas development offshore Ghana, and Block 4.
Vitol also holds infrastructure and downstream investments alongside its upstream presence in West Africa.
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