Eni to Sell 30% in Ivory Coast’s Baleine Project
Italy’s Eni is considering selling its exploration business in Ivory Coast. The company could sell up to 30% of the business, raising €1 billion, Bloomberg reports.
The offer has already attracted interest from Asian buyers, the agency’s sources said.
The discussions are at an early stage, so Eni is still assessing the size of the stake that could be sold. Representatives of Eni and Standard Chartered declined to comment.
The sale of the stake would be in line with Eni’s broader four-year strategy, which aims to raise about €8 billion from asset sales.
Eni’s presence in Ivory Coast dates back to the 1960s, and the company returned to the country in 2015. Eni began production at the largest Baleine field, which has elevated Ivory Coast’s status as a regional energy hub.
The Baleine field has estimated oil reserves of 2.5 billion barrels. During the initial stage of production, the Baleine field will produce 15,000 barrels of oil and about 25 million cubic feet (708 thousand cubic meters) of gas per day.
