Economy News 22 October 2026 15:29 (UTC +04:00)
Photo: Mikayil Jabbarov / X
BAKU, Azerbaijan, October 22. The State Oil Company of Azerbaijan (SOCAR) and the Italian Eni company have discussed opportunities to expand cooperation on joint projects in third countries.
This was announced by the Azerbaijani Minister of Economy Mikayil Jabbarov on his X account.
“During our working visit to Italy, we met with Claudio Descalzi, Chief Executive Officer of Eni, and discussed opportunities to further expand our partnership. The exchange covered SOCAR’s participation in new initiatives with Eni and opportunities to strengthen cooperation on joint projects in third countries. We also reviewed the progress of the joint pilot project for biofuel production in Azerbaijan and explored prospects for cooperation in the energy transition and the exchange of technological expertise,” the minister noted.
On September 26, SOCAR and Italian company Eni S.p.A. exchanged a Protocol on the completion of the transaction under which SOCAR acquired a 10% stake in the Baleine oil and gas field development project in Côte d’Ivoire.
According to SOCAR, following the completion of the transaction, the project partners' stakes are distributed as follows: Eni - 37.25%, Vitol - 30%, Côte d’Ivoire’s national oil and gas company Petroci - 22.75%, and SOCAR - 10%.
Meanwhile, Eni said that the sale of its stake in the Baleine project is in line with the Italian company's strategy to optimize its upstream portfolio. The company seeks to accelerate the monetization of exploration results through the sale of stakes in projects.
Eni has been operating in Côte d’Ivoire since 2015. Baleine is not only the company's first project for the development of a field in the country, but it is also considered the first offshore oil and gas project in Africa with zero emissions.
The Baleine field was discovered in 2021, approximately 20 years after the last commercial discovery in Côte d’Ivoire, with production commencing in 2023. Regarding the first and second phases of the project, it has been reported that production levels will exceed 57,000–62,000 barrels of oil and 75–78 million cubic feet of gas per day. Following the launch of the third phase, production is expected to reach 150,000 barrels of oil and 200 million cubic feet of gas per day.
Furthermore, in addition to Baleine, Eni has made discoveries at the Calao and Calao South fields, where it serves as the operator and holds a 90% participating interest. According to the company, these fields rank among the largest discoveries in Côte d’Ivoire since Baleine.
SOCAR previously said that acquiring a participating interest in the Baleine project facilitates the company's entry into Africa's oil and gas production sector and aligns with its long-term strategy to expand its international operations in the field of hydrocarbon exploration and production.